NY attorney general threatens to sue Wells Fargo, Bank of America
New York Attorney General Eric Schneiderman says he plans to sue Wells Fargo and Bank of America for violating terms of the $25 billion National Mortgage Settlement.
The attorney general says the banks did not follow guidelines on how to process requests from homeowners seeking to modify their mortgages.
According to a Reuters report, "The planned action is the first involving allegations that top banks, which agreed last year to provide $25 billion in relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct, are not living up to their obligations under the deal."
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