The New York Attorney General claims there is evidence that Bank of America, Wells Fargo and other banks violated the terms of a settlement designed to end mortgage servicing abuses, according to Reuters.
Attorney General Eric Schneiderman, “who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal, said other states had found similar problems.”
“Several other states have identified similar recurring deficiencies by the participating servicers,” Schneiderman said in a letter dated Thursday to the monitor for the settlement, former North Carolina Banking Commissioner Joseph Smith. The letter was obtained by Reuters on Friday.
“The $25 billion settlement was brokered last year between five banks and 49 state attorneys general. The other banks are JPMorgan Chase, Citigroup, and Ally Financial. The banks agreed to provide relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct.”
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