New York’s attorney general Monday accused Wells Fargo and Bank of America of violating the terms of last year’s national mortgage settlement by failing to process hundreds of refinancing requests promptly.
Attorney General Eric Schneiderman has notified the national monitoring committee established to enforce the five-bank agreement. If the committee defers taking action, Schneiderman said he will sue for compliance.
Schneiderman said delays put homeowners further into debt from missed payments and penalties, pushing them closer to foreclosure.
Wells Fargo and Bank of America were not immediately available for comment.
- A couple thoughts on Fred Jackson, Kam Chancellor and the Seahawks
- UW, Alaska Airlines agree to naming-rights deal for Husky Stadium's field
- Wife upset dad disappointed in baby's gender
- Haggen sues Albertsons for $1 billion over big grocery deal
- After McKinley, it’s time to consider renaming Rainier
Most Read Stories
Also Monday, Bank of America agreed to pay MBIA $1.7 billion to settle a dispute over faulty mortgage securities issued during the U.S. housing boom.
In exchange, the bond insurer will drop the litigation it brought against the mortgage lender Countrywide in 2008, according to a statement MBIA released Monday. Bank of America bought Countrywide in 2008.