NY to sue Wells Fargo, strike deal with Bank of America over mortgages-sources

Reuters

Tue, Oct 1, 2013, 8:28 PM

WASHINGTON, Oct 1 (Reuters) - The New York Attorney General plans to sue Wells Fargo on Wednesday over failures to comply with the terms of the $26 billion National Mortgage Settlement, according to a person familiar with matter.

At the same time, Bank of America confirmed it has separately struck an agreement with New York Attorney General Eric Schneiderman over similar types of alleged compliance problems.

Separately, a committee of 14 other states and federal authorities monitoring the settlement are also expected to announce agreements with both Bank of America and Wells Fargo to address similar compliance concerns over loan modifications and other issues, people familiar with the matter told Reuters.

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NY to sue Wells Fargo, strike deal with Bank of America over mortgages-sources

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