Wells Fargo says it won't face SEC action on mortgages

``In February, the No. 4 U.S. bank by assets received a so-called Wells notice from the SEC over disclosures provided in certain mortgage-backed securities offerings. Such notices usually indicate the agency plans to take some kind of enforcement action and gives firms a chance to respond. The SEC even took Wells to court in March to enforce subpoenas it said the bank had repeatedly ignored. The agency had said in a court filing that it was investigating possible fraud in connection with the bank's sale of nearly $60 billion in residential mortgage-backed securities to investors.''