BofA, Wells Fargo Won't Face Mortgage Deal Enforcement Case

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BofA, Wells Fargo Won’t Face Mortgage Deal Enforcement Case

BofA, Wells Fargo Won’t Face Mortgage Deal Enforcement Case

Bloomberg-

Bank of America Corp. and Wells Fargo & Co. (WFC) won’t face an enforcement action by state and federal officials over claims the banks violated a $25 billion mortgage-servicing settlement.

The agreement established a process for banks to fix violations and remediate harm to borrowers, a committee of states and federal agencies said in a letter today to the New York Attorney General’s office, which claims Bank of America and Wells Fargo have violated the settlement.

The oversight process “will be the most efficient path to improving services to borrowers — and, we believe, will bring about those reforms more quickly than protracted litigation on these particular issues,” the committee wrote.

[BLOOMBERG]

image: AP

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