From The New York Times:
Fielding complaints from borrowers struggling to save their homes, New York’s top prosecutor is preparing a lawsuit against Wells Fargo, accusing the bank, the nation’s largest home lender, of flouting the terms of a multibillion-dollar settlement aimed at stanching foreclosure abuses.
The lawsuit, which is expected to be filed as early as Wednesday, accuses Wells Fargo of violating the guidelines of a broad agreement reached last year between five of the nation’s largest banks and 49 state attorneys general.
...
Mr. Schneiderman had found 210 separate violations involving the bank and 96 borrowers. Four of those borrowers, the letter said, were not Wells Fargo customers. In its letter, the bank said it “disagrees with allegations” related to the remaining borrowers. Of the remainder, the bank has approved loan modifications for 39 customers and made a final decision on the loan modification applications for 28 others. Beyond helping the homeowners identified by the attorney general’s office, Wells Fargo voluntarily improved its processes, the bank argued in its letter.
Those concessions apparently did not appease Mr. Schneiderman’s office. Part of the problem, the people briefed on the matter said, was that Wells Fargo refused to improve their processes in a formal agreement.
http://dealbook.nytimes.com/...
Gotta love Schneiderman, who sometimes seems like the only person on the planet visiting justice upon the TBTF (too big to fail) banks.