Wells Fargo, BofA accused of violating mortgage accord
ALBANY, N.Y. — New York's attorney general says Wells Fargo and Bank of American have violated the terms of last year's national mortgage settlement by failing hundreds of times to process refinancing requests promptly.
Attorney General Eric Schneiderman has notified the national monitoring committee established to enforce the five-bank agreement, citing complaints of 210 prompt-processing violations by Wells Fargo and 129 by Bank of America.
If the committee defers taking action, Schneiderman says he will sue for compliance.
Under the settlement, the banks are required to respond to mortgage modification requests within 30 days.
Schneiderman says delays put homeowners further into debt, pushing them closer to foreclosure.
Wells Fargo declined to immediately comment.
Bank of America did not immediately reply to a request for comment Monday.
- Share Facebook Twitter
Article sent to (required)E-mail
Article sent from (required)E-mail Name
Subject Line (article title)
Message (optional)Success - Article sent Click to close
Interested in reusing this article?
Custom reprints are a powerful and strategic way to share your article with customers, employees and prospects.
The YGS Group provides digital and printed reprint services for Daily Herald. Complete the form to the right and a reprint consultant will contact you to discuss how you can reuse this article.Need more information about reprints? Visit our Reprints Section for more details.
Contact information ( * required )Name * Company Telephone * E-mail *
Article InformationTitle URL
Message (optional)Success - Reprint request sent Click to close