Bondi gives Wells Fargo a Wednesday deadline to respond to settlement concerns
Wells Fargo has joined Bank of America on Florida Attorney General Pam Bondi’s list of possible violators of the $25 billion National Mortgage Settlement.
Last week, Bondi wrote a stern letter to Bank of America with examples of homeowner concerns and problems her own attorneys have had in trying to help borrowers who are covered by the settlement. The letter preceded a June 5 meeting with the lender.
But last month, the attorney general’s office also met with Wells Fargo representatives in Chicago to discuss “concerns about potential compliance issues surfacing in borrower complaints received by my office as well as other states.”
In a letter sent Friday to Wells Fargo, Bondi asks that the company let her office know by Wednesday when it will have a plan on how to answer those concerns.
“Wells Fargo committed at the meeting to provide the states more detail about the steps banks will take in response to complaints and to improve compliance with the Settlement’s Servicing Standards,” the letter states. “To that end, I ask that you let us know by Wednesday, June 12, when we may expect a response from Wells Fargo regarding how you will be substantively addressing our concerns.”
Bondi said 65 of the 293 complaints forwarded to the independent monitor of the National Mortgage Settlement were about Wells Fargo.
I bet they’re scared…