New York – Today, New York Attorney General Eric Schneiderman announced plans to sue Bank of America and Wells Fargo for nearly 340 violations of the National Mortgage Settlement agreement. The $25 billion agreement, set up over a year ago by the federal government and 49 states with the nation’s largest mortgage servicers, includes important reforms that are critical for ensuring that working families have a full and fair shot at saving their home from foreclosure.
“We are pleased with Attorney General Schneiderman’s effort to ensure that settlement rules are implemented properly by the nation’s largest mortgage banks,” said Mark Ladov, counsel at the Brennan Center. “The settlement can benefit struggling homeowners, investors, communities and our economy as a whole, but only if the servicing reforms are adequately enforced. We hope that the settlement monitoring committee will work closely with AG Schneiderman and other advocates to ensure that this settlement provides the greatest possible benefit for homeowners, hardest-hit communities and our nation’s economic recovery.”
For more information or to set up an interview, please contact Seth Hoy at seth.hoy@nyu.edu or 646–292–8369.