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NY suing Wells Fargo in mortgage crisis settlement

Posted: Updated:
By MICHAEL GORMLEY
Associated Press

ALBANY, N.Y. (AP) - New York's attorney general says he's suing Wells Fargo to force compliance with terms of last year's national mortgage case settlement.

Attorney General Eric Schneiderman also says he's dropping a similar action against Bank of America, which has agreed to reform its lending system.

The settlement of charges of improper lending practices sets standards that prohibit lenders from pursuing foreclosures while negotiating loan modifications. The standards require the banks to acknowledge refinancing applications in writing within three business days, notify borrowers of any missing documents within five days and make decisions on complete applications within 30 days.

Schneiderman said Tuesday the settlement has brought relief to thousands of New York homeowners during the housing crisis and recession.

Wells Fargo says it remains committed to the national settlement.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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