Sunday, May 12, 2013

NY AG Announces Intent To Sue Banksters For Allegedly Failing To Uphold Their End Of Crappy, Anti-Homeowner Nationwide Foreclosure Fraud Settlement

Bloomberg reports:

  • Bank of America Corp. and Wells Fargo & Co. (WFC) violated terms of a nationwide settlement reached last year over banks’ residential mortgage foreclosure practices, New York Attorney General Eric Schneiderman said.

    The two banks have failed to comply with standards established for processing homeowners’ loan modification applications, Schneiderman said [] in a statement. He said he plans to sue the banks unless a committee set up to monitor the settlement’s terms takes action.

    “Wells Fargo and Bank of America have flagrantly violated their obligations under the settlement,” Schneiderman said [] at a news conference.

    Schneiderman said delays by the banks in processing mortgage loan modifications have caused New Yorkers to incur fees and fall further behind in payments, putting them at even greater risk of losing their homes.

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