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Letter to Monitoring Committee from NY AG

Letter to Monitoring Committee from NY AG

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Published by SP Biloxi
Here is NY AG Schneiderman’s letter to the Monitoring Committee notifying them of his intent to sue Bank of America and Wells Fargo.
Here is NY AG Schneiderman’s letter to the Monitoring Committee notifying them of his intent to sue Bank of America and Wells Fargo.

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Published by: SP Biloxi on May 06, 2013
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08/02/2013

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The Capitol, Albany, N.Y. 12224
 
(518) 474-3527
Fax (518) 473-9907
 
www.ag.ny.gov
 
S
TATE OF
 N
EW
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ORK 
 O
FFICE OF THE
A
TTORNEY
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ENERAL
 
E
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T.
 
S
CHNEIDERMAN
 
A
TTORNEY
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ENERAL
 E
XECUTIVE
O
FFICE
 
April 29, 2013Tom HorneAttorney General for the State of Arizona,1275 West Washington StreetPhoenix, Arizona 85007Kamala HarrisAttorney General for the State of California1300 “I” StreetSacramento, California 95814John W. SuthersAttorney General for the State of ColoradoRalph L Carr Colorado Judicial Center 1300 Broadway, 10
th
Floor Denver, Colorado 80203George JepsenAttorney General for the State of Connecticut55 Elm StreetHartford, Connecticut 06106Pam BondiAttorney General for the State of FloridaThe Capitol PL-01Tallahassee, Florida 32399Lisa MadiganAttorney General for the State of Illinois100 West Randolph StreetChicago, Illinois 60601Tom Miller Attorney General for the State of Iowa1305 E. Walnut StreetDes Moines, Iowa 50319Mark KaufmanMaryland Commissioner of Financial Regulation500 North Calvert StreetSuite 402Baltimore, MD 21202Catherine Cortez MastoAttorney General for the State of Nevada100 North Carson StreetCarson City, Nevada 89701Roy Cooper Attorney General for the State of North Carolina9001 Mail Service Center Raleigh, North Carolina 27699Mike DeWineAttorney General for the State of Ohio30 E. Broad St., 14th Floor Columbus, Ohio 43215Ellen F. RosenblumAttorney General for the State of OregonOregon Department of Justice1162 Court Street NESalem, Oregon 97301Greg AbbottAttorney General for the State of TexasPO Box 12548Austin, Texas 78711Bob FergusonAttorney General for the State of Washington1125 Washington St, SEPO Box 40100Olmia, Washinton 98504
 
 
The Capitol, Albany, N.Y. 12224
 
(518) 474-3527
Fax (518) 473-9907
 
www.ag.ny.gov
 
Dear Monitoring Committee Members:I am writing to inform you about a persistent pattern of non-compliance under the National Mortgage Settlement by two of the Participating Servicers: Bank of Americaand Wells Fargo. My office has received a significant number of complaints regardingthe flagrant violations by Bank of America and Wells Fargo of the loan modificationtimeline requirements contained in Section IV(F) of Exhibit A to the National MortgageSettlement Consent Judgment.The Servicing Standards established under the National Mortgage Settlementinclude several requirements that Participating Servicers must follow in communicatingwith homeowners who submit applications for a modification to their first lien mortgageloans. These loan modification timeline requirements impose the following obligationson the Servicer:
 
Servicer must provide written acknowledgment of receipt of loanmodification documentation submitted by a borrower in connection with afirst lien loan modification application within three business days of receipt of application documents. (See Exhibit A, Section IV(F)(1));
 
Servicer must notify borrower of any known deficiency in the borrower'sinitial submission within five business days of receipt, including anymissing information or documents needed for the loan modificationrequest to be considered complete. (See Exhibit A, Section IV(F)(2));
 
Servicer must give borrower 30 days from the date of its notification of missing documents to supplement the borrower's initial submission prior to making a determination whether to grant a loan modification. (SeeExhibit A, Section IV(F)(3)); and 
 
Servicer must review and make a decision on the borrower's loanmodification request within 30 days after receipt of the complete loanmodification application. (See Exhibit A, Section IV(F)(4)).Attached please find complaints received by my office against Wells Fargo and Bank of America, along with extensive back up documentation, demonstrating therepeated failure of these Participating Servicers to comply with the Servicing Standardssince October 2, 2012, the date when Participating Servicers were required to implementall 304 Servicing Standards under the National Mortgage Settlement. The documentsreveal 210 instances in which Wells Fargo and 129 instances in which Bank of Americafailed to meet their obligations. These complaints were collected from the New York State Attorney General funded network of housing counselors and legal service providerswho assist a relatively small percentage of borrowers with distressed loans serviced by both Wells Fargo and Bank of America in New York State. The attached documents,therefore, are merely a sample of what is potentially a much larger pattern of non-

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