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Attorney general to sue pair of big banks

By THOMAS ADAMS - 5/6/2013 3:24:43 PM

The state attorney general said Monday he plans to sue Bank of America Corp. and Wells Fargo & Co. for repeatedly violating terms of the National Mortgage.
 
The 2012 settlement requires Bank of America, Wells Fargo, JPMorgan Chase & Co., Citigroup Inc. and Ally Financial Inc./GMAC Inc. to improve customer service practices by complying with new mortgage servicing rules.

The five are the largest mortgage-servicing banks in the country, Attorney General Eric Schneiderman said in a statement. His office has documented 339 violations of the standards by Bank of America and Wells Fargo since last October.

“The five mortgage servicers that signed the National Mortgage Settlement are legally required to take specific, rigorous and enforceable steps to protect homeowners,” Schneiderman said.

“Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure.”
 
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