New York Set to Sue Wells Fargo Over Mortgages

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New York Set to Sue Wells Fargo Over Mortgages

New York Set to Sue Wells Fargo Over Mortgages

Thousands of homeowners have been ready years ago!


NYT-

Fielding complaints from borrowers struggling to save their homes, New York’s top prosecutor is readying a lawsuit against Wells Fargo, accusing the nation’s largest home lender of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses.

The lawsuit, which is expected to be filed as early as Wednesday, accuses Wells Fargo of violating the guidelines of a broad pact hashed out last year between five of the nation’s largest banks and 49 state attorneys general.

Under that deal, the banks have to comply with 304 servicing standards. The guidelines map out how banks should field and process requests from homeowners trying to reduce the size of their monthly payments.

[NEW YORK TIMES]

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