New York to sue BofA, Wells Fargo Over Mortgage Practices
May 6, 2013
New York Attorney General Eric Schneiderman on Monday said he plans to sue Bank of America Corp and Wells Fargo and Co. for violating the National Mortgage Settlement brokered last year between the country’s biggest banks and 49 state attorneys general.
Schneiderman said that since last October he has documented 339 violations of standards dictating the timeline for banks to process mortgage modification applications.
“Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure,” the attorney general said in a statement. Read full article
FRAUD STOPPERS: Combating Mortgage Fraud and Protecting Homeowners in New York
In a recent development, New York Attorney General Eric Schneiderman has announced his intention to sue Bank of America Corp and Wells Fargo and Co. over their alleged violations of the National Mortgage Settlement. This agreement was brokered last year between the country’s largest banks and 49 state attorneys general to establish standards for mortgage practices. Schneiderman claims that the banks have violated the agreement by not adhering to the prescribed timeline for processing mortgage modification applications. In this article, we will delve into the significance of this issue and explore how organizations like FRAUD STOPPERS can assist homeowners in such situations.
Since October of last year, Attorney General Schneiderman has identified 339 violations committed by Wells Fargo and Bank of America, which pertain to the processing of mortgage modification applications. These violations directly contradict the National Mortgage Settlement, which aimed to provide homeowners with a fair and efficient process for modifying their mortgages and avoiding foreclosure. By disregarding these obligations, the banks have placed hundreds of New York homeowners at a heightened risk of losing their homes.
The Role of FRAUD STOPPERS
Amidst this alarming situation, organizations like FRAUD STOPPERS have emerged as valuable resources for homeowners facing mortgage-related challenges. FRAUD STOPPERS is a consumer advocacy group that specializes in providing assistance to individuals who have been victims of mortgage fraud, foreclosure fraud, and predatory lending practices.
FRAUD STOPPERS employs a team of experienced professionals who possess extensive knowledge of the mortgage industry and legal frameworks. They work tirelessly to help homeowners navigate complex mortgage situations and hold financial institutions accountable for any violations committed. By leveraging their expertise, FRAUD STOPPERS aids homeowners in understanding their rights, identifying potential fraud, and taking appropriate legal action to protect their homes.
How FRAUD STOPPERS Can Help
1. Legal Expertise: FRAUD STOPPERS offers access to legal professionals who specialize in mortgage and foreclosure defense. These experts can review the homeowner’s case, identify any legal violations, and provide guidance on potential legal recourse.
2. Forensic Loan Audits: FRAUD STOPPERS conducts thorough forensic loan audits to uncover any fraudulent or illegal practices that may have occurred during the origination or servicing of a mortgage. These audits can provide critical evidence to support the homeowner’s claims and strengthen their legal position.
3. Litigation Support: FRAUD STOPPERS assists homeowners in preparing and filing legal documents, representing them in court if necessary. They work closely with attorneys and legal teams to build a strong case and advocate for homeowners’ rights.
4. Education and Empowerment: FRAUD STOPPERS believes in empowering homeowners with knowledge about their rights and the mortgage industry. Through educational resources and workshops, they strive to equip homeowners with the tools they need to make informed decisions and protect themselves from fraudulent practices.
The decision by New York Attorney General Eric Schneiderman to sue Bank of America and Wells Fargo over their alleged violations of the National Mortgage Settlement highlights the importance of holding financial institutions accountable for their actions. In such instances, organizations like FRAUD STOPPERS play a crucial role in assisting homeowners facing mortgage-related challenges. By offering legal expertise, conducting forensic loan audits, providing litigation support, and promoting education, FRAUD STOPPERS aims to protect homeowners’ rights and combat mortgage fraud. As the legal proceedings unfold, it is essential for homeowners to seek assistance from reliable organizations like FRAUD STOPPERS to navigate these complex situations and secure their homes.