Wells Defends Against ACORN Accusations

Although Wells Fargo executives had not yet seen a lawsuit filed against it by ACORN Monday in California, the company's top home loan executive denied the accusations made by the consumer advocacy group Monday afternoon.Mark Oman, executive vice president of the home and consumer finance group for Wells Fargo & Co., Des Moines, Iowa, said ACORN has taken facts about Wells Fargo Financial's customer relationships out of context to paint a false and misleading picture. He said the allegations "are false and totally contrary to our ethical standards and business practices." Mr. Oman went on to say, "We do not tolerate any attempt to sell a customer any product or service unless the terms are fully disclosed. We do not lend to customers unless we believe they can make loan payments, period." ACORN also said that more than 2,000 of its members participated in a rally in Los Angeles to demand that Wells Fargo end allegedly predatory lending practices.