NY attorney general threatens to sue Wells Fargo, Bank of America
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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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