Wells Fargo, BofA accused of violating mortgage accord

Associated Press
Updated 5/6/2013 11:48 AM

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.

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