New York to Sue Wells Fargo Over Mortgage Settlement
Source: New York Times
LEGAL/REGULATORY OCTOBER 1, 2013, 7:00 PM
New York to Sue Wells Fargo Over Mortgage Settlement
BY JESSICA SILVER-GREENBERG
Fielding complaints from borrowers struggling to save their homes, New York’s top prosecutor is preparing a lawsuit against Wells Fargo, accusing the bank, the nation’s largest home lender, of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses.
The lawsuit, which is expected to be filed as early as Wednesday, accuses Wells Fargo of violating the guidelines of a broad agreement reached last year between five of the nation’s largest banks and 49 state attorneys general.
Under that deal, the banks must comply with 304 servicing standards. The guidelines map out how banks should field and process requests from distressed homeowners.
Vickee J. Adams, a spokeswoman for Wells Fargo, said the bank had not been served with a copy of the lawsuit. But, she added, “if true, it is very disappointing that the New York attorney general continues to pursue his course, given our commitment to the terms of the National Mortgage Settlement and ongoing engagement.
Read more: http://dealbook.nytimes.com/2013/10/01/new-york-set-to-sue-wells-fargo-over-mortgages/?hp&_r=1
= new reply since forum marked as read
