Schneiderman Sues Bank of America, Wells Fargo

After documenting hundreds of cases of homeowners put at risk by banks’ violations of settlement terms, State Attorney General Eric Schneiderman is suing the Bank of America and Wells Fargo for repeatedly violating the terms of the National Mortgage Settlement signed in 2012.

The settlement requires improvement of customer service by compliance of new servicing standards. Among these are four standards dictating the timeline for banks to process mortgage modification applications.

There have been 339 violations of those standards by Wells Fargo and Bank of America since October 2012.