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Released: May 07, 2013
N.Y. to sue banks in mortgage settlement case
Source: Julie Schmidt, USA Today
New York Attorney General Eric Schneiderman said Monday he intends to sue Bank of America and Wells Fargo, saying they violated terms of last year's $25 billion mortgage settlement. Schneiderman said his office has documented 210 violations by Wells Fargo and 129 involving BofA since October. The banks have "flagrantly violated" the settlement's standards, he said.
The banks' alleged violations relate to not meeting deadlines for processing loan modifications, including requirements to make decisions on completed applications within 30 days and to tell borrowers of missing documents within five days of getting their applications.
Read Full Article: N.Y. to sue banks in mortgage settlement case
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