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Wednesday, Oct 2
NY AG to sue Wells Fargo over breaching terms of mortgage deal
- New York Attorney General Eric Schneiderman reportedly intends to sue Wells Fargo (WFC) today over its alleged failure to fully comply with the conditions of a $26B national mortgage settlement that was agreed with major banks last year.
- However, Schneiderman has reached a settlement with Bank of America (BAC) over similar problems, while 14 other states and federal authorities are expected to announce deals with BofA and Wells Fargo over the issues involved. These include improvements in servicing standards such as ending the bureaucratic nightmare of loan modifications, as well as foreclosure relief.