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Wells Fargo braces for losses as prosecutors delve into possible mortgage abuses

Justice League

Wells Fargo & Co. is in talks with a group of federal and state prosecutors examining potential abuses related to mortgages as it continues to grapple with investigations and public outrage from its sales-practices scandal.

The bank disclosed in its most recent quarterly securities filing posted Thursday that it is in discussions with the Residential Mortgage-Backed Securities Working Group of the Financial Fraud Enforcement Task Force. That group, which includes the Justice Department, has levied billions of dollars in fines on other big U.S. banks, including a $16.65 billion payout from Bank of America Corp.BAC, +0.00%   and $13 billion from J.P. Morgan Chase & Co. JPM, -0.44%

The RMBS task force has raised “potential theories of liability” with Wells FargoWFC, +0.22%   related to certain mortgage practices, according to the bank’s filing. The bank had said in previous filings that it was responding to requests for information…

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