banking

BofA, Wells Fargo to be sued over mortgage deal

COURTESY WIKIMEDIA COMMONS
BANK OF AMERICA CORP. and Wells Fargo & Co. will be sued by the state of New York for allegedly violating the terms of a $25 billion national settlement over foreclosure abuses.
Posted 5/6/13

NEW YORK – Bank of America Corp. and Wells Fargo & Co. will be sued by the state of New York for allegedly violating terms of a $25 billion nationwide settlement over foreclosure practices.

Bank of America and Wells Fargo allegedly violated the terms of a landmark $25 billion nationwide settlement over foreclosure abuses by disregarding standards for processing loan modifications, New York Attorney General Eric Schneiderman said Monday in a statement.

Schneiderman has documented 339 violations since October 2012 of the settlement reached last year with 49 states and the federal government, the Attorney General’s office said in a statement.

New York said it notified the 2012 settlement’s monitor, Joseph Smith, of its intention to bring a claim. The accord’s monitoring committee may choose to pursue its own action against the banks for the alleged violations, under the terms of the settlement.

Bank of America and Wells Fargo were among five lenders that entered into the settlement, which established mortgage servicing standards and provided mortgage relief to homeowners. Citigroup Inc., JPMorgan Chase & Co. and Ally Financial Inc. were also part of the settlement.

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