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NY Atty General Plans To Sue Over Two Banks' Servicing Violations

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NEW YORK (5/7/13)--New York Attorney General Eric Schneiderman announced at a Monday press conference that he has plans to sue two banks over alleged repeat violations of terms of a settlement meant to prompt improvements of the banks' mortgage servicing practices (American Banker May 6).

The attorney general is reported to have said he will sue Wells Fargo and Bank of America over 339 servicing violations that his staff and consumer legal service providers have identified since October.

BofA and Wells Fargo were among five big U.S. banks that agreed to a $25 billion settlement back in February 2012. It was meant to address abusive mortgage servicing practices that lead to the now-infamous robo-signing of foreclosure documents.