Seeking Alpha

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.
Comments (3)
  • mr subprime
    , contributor
    Comments (23) | Send Message
    Wells has continued unabated with their racketeering, forgery, fraud, and all-around fraudulent foreclosure practices as though the National Mortgage Settlement never happened. What I want to know is where are the other 49 state AG's (especially J.B. VanHollen, WI) when it comes to enforcing the law? Wells Fargo is a criminal enterprise.
    2 Oct 2013, 09:51 AM Reply Like
  • Bbloomlu
    , contributor
    Comments (171) | Send Message
    Can I have someone in the government go after my broker for allowing ME to buy stocks that went down. When am I responsible for my own actions!
    2 Oct 2013, 06:06 PM Reply Like
  • Phr3d
    , contributor
    Comments (180) | Send Message
    really need a 'dislike' button, lol
    4 Oct 2013, 01:48 AM Reply Like
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