May 6, 2013 / 2:00 PM / in 5 years

New York AG to sue BofA, Wells Fargo over mortgage practices

NEW YORK, May 6 (Reuters) - New York Attorney General Eric Schneiderman on Monday said he plans to sue Bank of America Corp and Wells Fargo and Co over their mortgage practices.

Schneiderman alleges the banks have repeatedly violated the terms of the National Mortgage Settlement brokered last year between the country’s biggest banks and 49 state attorneys general over mortgage foreclosure abuses.

Schneiderman said that since last October he has documented 339 violations of standards that BofA and Wells Fargo had agreed to follow.

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