ML-Implode News - 2 Big Banks Face Suits In Mortgage Pact Abuses

On Monday, Eric T. Schneiderman, New York's attorney general and top prosecutor, said that the lenders violated the terms of the National Mortgage Settlement, a sweeping $26 billion pact brokered last year between five of the nation's biggest banks and 49 state attorneys general. The agreement came during a national outcry over potentially widespread foreclosure abuses like shoddy paperwork, erroneous fees and wrongful evictions.
Mr. Schneiderman says that Bank of America and Wells Fargo did not follow guidelines dictating how the banks field and process requests from homeowners trying to modify their mortgages.
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After the deal was reached in February 2012, Mr. Schneiderman's office began receiving a deluge of complaints from housing counselors across the state. The counselors, Mr. Schneiderman's office said, reported that homeowners were still wading through a bureaucratic quagmire.

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2 Big Banks Face Suits In Mortgage Pact Abuses