New York to sue BofA, Wells Fargo over mortgage practices

New York Attorney General Eric Schneiderman on Monday said he plans to sue Bank of America Corp and Wells Fargo and Co for violating the National Mortgage Settlement brokered last year between the country's biggest banks and 49 state attorneys general.

Schneiderman said that since last October he has documented 339 violations of standards that Bank of America and Wells Fargo agreed to follow.

He said homeowners victimized by the banks' violations would speak at a press conference later Monday.

Representatives of the banks did not immediately return calls seeking comment.

BofA and Wells Fargo were among five big US banks that agreed to a USD 25 billion settlement in February 2012. The pact was supposed to curb abusive foreclosure practices and was expected to help roughly one million borrowers.

The settlement released the banks from claims over faulty foreclosure practices and the mishandling of requests for loan modifications

It was supposed to speed mortgage relief to homeowners in need and provide USD 2,000 payments to borrowers who lost their homes to foreclosure.

JPMorgan Chase & Co , Citigroup Inc and Ally Financial Inc also entered into the National Mortgage Settlement.

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