New York Attorney General Eric Schneiderman said there is mounting evidence thatBank of America Corp (BAC.N), Wells Fargo and Co (WFC.N) and other banks violated the terms of a settlement designed to end mortgage servicing abuses.
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 May 23 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 & Co (JPM.N), Citigroup Inc (C.N), and Ally Financial Inc (GKM.N). The banks agreed to provide relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct.
At the time, Schneiderman said that, since last October, his office had documented 339 violations of standards - 210 by Wells Fargo and 129 by Bank of America - dictating the timeline for banks to process mortgage modification applications.
Read more @: New York claims more proof of bank mortgage abuses | Reuters
****ing crooks. Expect nothing to come of this because money (and especially if your a bank in this country) buys justice. I hope something will come of this and this ****ing crooks get punished.