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More from the NY Attorney General: Schneiderman is set to sue Bank of America (BAC +2.2%) and...

More from the NY Attorney General: Schneiderman is set to sue Bank of America (BAC +2.2%) and Wells Fargo (WAC +0.3%) for "repeatedly violating" the terms of the $26B mortgage settlement, reports the NYT. At issue are improvements in servicing standards such as ending the bureaucratic nightmare of loan mods or foreclosure relief. Schneiderman's office has reportedly documented 210 violations against Wells, and 129 against BofA since October.
Comments (4)
  • No financial liability mentioned. Shorts pumping out same old news. Article mentions future enforcement actions. Isn't this what they do every day? Why announce this on a day after the previous news was just a fake stab and the stock is breaking higher? I added to my A warrant position.
    6 May 2013, 10:09 AM Reply Like
  • It maybe that no liability has been mentioned because the violations have yet to be identified (The subject of violations is talked about on DEALbook this morning and the Attorney General Eric T. Schneiderman of New York's picture is above the article).
    6 May 2013, 10:28 AM Reply Like
  • Bank of America said it will work quickly to address mortgage-borrower problems.

     

    "Attorney General Schneiderman has referenced 129 customer-servicing problems which we take seriously and will work quickly to address," a spokesman for the Charlotte, N.C.-based bank said.
    6 May 2013, 03:34 PM Reply Like
  • At one time, many years ago, bankers were regarded as pillars of their community. In recent years their status has eroded steadily finally receiving a measure of respect normally reserved for used car salesmen and repo-types.

     

    Wall Street still has a slight edge over bankers in the public esteem department, but at the rate they're descending bankers as a class soon will have a set of investment professionals to look up to.
    6 May 2013, 04:09 PM Reply Like
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