American Banker-
Documentation failings: they aren’t just for bankers.
New York Attorney General Eric Schneiderman is revising his allegations of foreclosure settlement violations by Wells Fargo (WFC) and Bank of America (BAC), resetting the clock on his plans to sue the banks over 339 alleged servicing violations.
Under the national mortgage settlement agreement, Schneiderman must give the other settlement parties 21 days before pursuing litigation. Schneiderman asserted during his May 6 press conference that his office was ready to bring a case, making the re-submission something of a do-over.
The cause of the revisions is unclear, as is the question of whether complaints will be resubmitted for each of the cases. A spokeswoman for the office was checking on this late Friday afternoon.
The attorney general “temporarily suspended” his complaints earlier this week, according to the office of Iowa’s Attorney General, who is on the monitoring committee for the national foreclosure settlement. Iowa declined to comment on why New York’s original grievance was retracted.
“We are sending the [mortgage settlement] monitoring committee more information which we believe will help them in their analysis of their enforcement action,” a spokeswoman for Schneiderman told American Banker. “We expect to have that to them by the middle of next week..”
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