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October 2, 2013

New York Plans Action on Alleged Mortgage Violations

New York’s top prosecutor plans to announce on Wednesday both an agreement with Bank of America Corp.  and a lawsuit against Wells Fargo & Co. over alleged violations of a $25 billion mortgage settlement reached last year.

The planned announcement stems from issues raised by New York Attorney General Eric Schneiderman in May, when he threatened to sue both banks for allegedly failing to live up to requirements of the national mortgage pact.

That agreement required five lenders to improve how they work with borrowers who are seeking loan modifications or facing foreclosure.

Mr. Schneiderman had said Bank of America and Wells Fargo failed to respond to borrowers seeking loan modifications in a timely manner and to address problems with documentation necessary to complete such requests, among other issues.”

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Read full Wall Street Journal article here

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