New York plans to sue BofA, Wells Fargo over alleged mortgage settlement violations

New York State’s attorney general is preparing to sue Bank of America and Wells Fargo for alleged violations of a 2012 settlement with state AGs that required the nation’s five largest mortgage servicing banks to comply with a set of servicing standards. New York AG Eric Schneiderman said Bank of American and Wells Fargo “flagrantly violated” the National Mortgage Settlement. Read on for the details.