BofA: Will Work Quickly to Address Mortgage Issues Raised by NY Attorney General

Bank of America Stealing Homes

BofA: Will Work Quickly to Address Mortgage Issues Raised by NY Attorney General

Bank of America Corp. (BAC) said it will work quickly to address mortgage-borrower problems that New York Attorney General Eric Schneiderman alleged Monday.

“Attorney General Schneiderman has referenced 129 customer-servicing problems which we take seriously and will work quickly to address,” a spokesman for the Charlotte, N.C.-based bank said.

Mr. Schneiderman said Monday he plans to sue Bank of America and Wells Fargo & Co. (WFC), alleging they breached the terms of last year’s mortgage settlement.

In that $25 billion agreement among 49 states and the country’s five-largest mortgage servicers, the banks agreed to rules over how to conduct fair and timely service to homeowners applying for financial relief.

Write to Matthias Rieker at matthias.rieker@dowjones.com

–Schneiderman says his office may file litigation in matter of weeks

–Schneiderman: Bank of America and Wells Fargo are most flagrant violators of settlement

–Bank of America says it will work to address AG’s issues

More here…

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