Judge blocks state action

SACRAMENTO -- Wells Fargo & Co., California's largest originator of home mortgages, said it won an injunction to block state regulators from revoking the bank's license to make such loans.

U.S. District Judge Garland Burrell Jr. in Sacramento found Wells Fargo is likely to prevail on its position against the California Department of Corporations, Wells said today. Last month, the state agency threatened to pull the license after Wells Fargo refused to refund certain charges the agency considered excessive.

archive