Stockholders of Wells Fargo & Co., San Francisco, have overwhelmingly rejected a proposal by the Coalition for Responsible Growth asking the company's board to conduct a special executive compensation review to address so-called predatory lending practices.The company did not report the total vote, which came April 27 at the company's annual stockholders' meeting in San Francisco. Members of the Association of Community Organization for Reform Now supported the proposal to protest what ACORN calls "abusive mortgage loans" at Wells Fargo. The company said it does not engage in such lending and has implemented numerous policies and procedures to help consumers make informed borrowing decisions. Wells also said its compensation practices do not reward executives for deviation from stated policies, including those regarding lending practices.

Subscribe Now

Authoritative analysis and perspective for every segment of the mortgage industry

30-Day Free Trial

Authoritative analysis and perspective for every segment of the mortgage industry