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General Counsel, Wells Fargo Home Mortgage
Wells Fargo & Co
Subcommittee on Financial Institutions and Consumer Credit
A hearing entitled
June 12, 2003
My name is David Moskowitz and I am the General Counsel for Wells Fargo Home
Mortgage, headquartered in Des Moines, Iowa. Wells Fargo, our parent company, is a
diversified financial services company, offering mortgage, securities, insurance, real
estate services, online banking, institutional and retail banking products under the Wells
Fargo brand through a number of separately incorporated affiliates to 15 million
customers nationwide. Wells Fargo's headquarters is in San Francisco; the company
has 130,000 employees, has mortgage offices nationwide, and has a retail banking
presence in 23 states.
Thank you for the invitation to testify. I would like to share with you some of Wells
Fargo Mortgage's experiences in providing products and services within the framework
established by the Fair Credit Reporting Act.
Wells Fargo Home Mortgage works in concert with its other Wells Fargo business
affiliates in providing financial services products to customers. Marketplace experience
shows that consumers expect the financial services companies they do business with to
know about their accounts, to respond quickly to their questions and to advise them
about products and services that will help them reach their financial goals. The service
consumers expect requires that Wells Fargo have integrated information systems to
give customers what they want -- when, where and how they want it. Subject to the Fair
Credit Reporting Act, Wells Fargo shares customer information internally to meet these