“In all that work and in related communications with your office, there was never any suggestion that there was any concern that Bank of America had engaged in ‘flagrant violations’ or any ‘pattern’ of violation that has now been suggested”
BofA: Schneiderman Has No Rights to Sue
Bank of America is pushing back against New York Attorney General Eric Schneiderman, who threatened to sue the bank over alleged violations of last year’s $25 billion mortgage settlement.
In a letter to Schneiderman this week, lawyers for the bank said the attorney general can’t sue until the bank has been given time to cure any of the alleged violations.
“Bank of America has not committed any potential violations…let alone failed to cure those potential violations,” wrote Meyer G. Koplow and Theodore N. Mirvis, attorneys from the New York law firm Wachtell, Lipton, Rosen & Katz.
Schneiderman on Monday announced his intention to sue Bank of America, the second-largest U.S. bank by assets, and Wells Fargo & Co. (WFC) for allegedly violating rules over giving fair and timely service to homeowners seeking relief under the settlement.
Schneiderman said his office found 339 violations, 129 of which he said were from Bank of America.
“As our letter to the monitor makes clear, we have the right to bring a suit against parties that violate the servicing standards and will do so,” said Damien LaVera, a spokesman for the attorney general.
Copy of the letter below…
BOA Letter to Schneiderman