New York to Sue Wells Fargo over Mortgage Settlement

To make them honor commitments


New York Attorney General Eric Schneiderman announced Wednesday he is suing Wells Fargo to compel the bank to honor its commitments under the 2012 National Mortgage Settlement.

Schneiderman also announced an agreement to suspend a similar enforcement action against Bank of America. Under the terms of the agreement, Bank of America agreed to put in place a robust set of systemic reforms to ensure the National Mortgage Settlement's servicing standards are honored throughout the state. If the reforms hold, Schneiderman's office anticipates Bank of America will replicate the initiative throughout the nation.