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Exclusive: NY attorney general says more evidence banks violated mortgage pact

New York Attorney General Eric Schneiderman said there is mounting evidence that Bank of America Corp, Wells Fargo and Co and other banks violated the terms of a settlement designed to end mortgage servicing abuses.Schneiderman - who has said he plans to sue Bank of America and Wells Fargo for failing to live up to their obligations under the deal - said other states had found similar problems."Several other states have identified similar recurring deficiencies by the participating servicers," Schneiderman said in a letter dated May 23 to the monitor for the settlement, former North Carolina Banking Commissioner Joseph Smith. The letter was obtained by Reuters on Friday.The $25 billion settlement was brokered last year between five banks and 49 state attorneys general. The other banks are JPMorgan Chase & Co, Citigroup Inc, and Ally Financial Inc. The banks agreed to provide relief to homeowners and comply with a set of servicing standards to atone for foreclosure misconduct.In his let...

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  1. N.Y. Fed: Foreclosures Declined in 1st Quarter

    U.S. households cut their debt loads broadly during the first three months of 2013, a report from the Federal Reserve Bank of New York says.The bank reported Tuesday...

  2. Could Housing Save the Labor Market?

    When David Pendery, a corporate public relations specialist, decided to move his family from Colorado to Illinois this year for work, his biggest worry was whether h...

  3. BofA fires back at New York over modification violations

    Bank of America Corp has fired back at New York Attorney General Eric Schneiderman after he threatened to sue the bank for violating the terms of a $25 billion settl...

  4. ETFs to Play a Real Estate Recovery

    Real estate investments are rising in popularity as a combination of strong fundamentals, near-record-low mortgage rates and a drop in foreclosures supports the noti...

  5. Company Saves Hometown

    FBN's Jeff Flock explores how one Midwest engineering company revived housing in its hometown.

  6. How the Housing Market Rose From the Dead - But Is It Really Back?

    The housing news is good, really good. But is it too good?Historically low interest rates; home sales up in the double digits with February's existing-home sales hit...

  7. Homeowners Insurance: Pain or Protection?

    The Corcoran Group founder Barbara Corcoran, The Campins Company co-founder Katrina Campins, The Agency co-founder Mauricio Umansky and real estate attorney Bob Massi discuss the cost of homeowners insurance,

  8. BofA sells $110 billion CMBS servicing rights portfolio to KeyBank

    Bank of America Corp will sell a commercial mortgage servicing rights portfolio valued at around $110 billion to a KeyCorp unit for an undisclosed amount, the latest...

  9. JPMorgan sued by California over 'illegal' debt collections

    California's attorney general sued JPMorgan Chase & Co on Thursday, accusing the company of falsely signing documents to unlawfully collect credit card debt from tho...

  10. California Attorney General Sues J.P. Morgan Over Alleged 'Fraudulent and Unlawful Debt-Collection Practices'

    California Attorney General Kamala Harris sued J.P.Morgan Chase & Co. (JPM) in state court on Thursday, claiming the bank has "run a massive debt collection mill tha...

  11. Delinquency rate rises, but inventory eases in Q1: MBA

    The delinquency rate on U.S. home mortgages rose in the first quarter as more homeowners fell behind on payments for the first time, data from an industry group show...

  12. Chapter 13 Bankruptcy: How it Works

    For hundreds of thousands of Americans each year, filing for bankruptcy doesn't mean erasing most debts in one fell swoop.Instead, the process can take up to five ye...

  1. TARP Cost Will Be $21 Billion, CBO Estimates

    The Congressional Budget Office estimated Thursday the total cost of the Troubled Asset Relief Program, including mortgage grants that haven't yet been made, will be...

  2. Report: 44% of U.S. Mortgages Underwater

    Zillow chief economist Stan Humphries on whether homeowners with mortgages in default will stop the housing recovery.

  3. FHFA: March Home Prices Up 1.3%

    U.S. home prices rose a seasonally adjusted 1.3% in March, and prices grew 6.7% in the first quarter from the same period of 2012, the Federal Housing Finance Agency...

  4. U.S. Existing-Home Sales Rise 0.6%

    The housing market continued its rebound last month, with sales of previously owned homes reaching the highest level in more than three years and a shrinking share o...

  5. US Existing-Home Sales Highest Since Nov 2009

    ======================================================= Existing Home Sales April March ! Consensus: ! Total Sales: 4.97M 4.94Mr ! 4.99M ! % Change: +0.6% -0.2%r ! A...

  6. Don't Fall for these 10 Mortgage Misconceptions

    Mortgages are tricky and often hard to understand. Because most people only purchase a home every five to seven years, prospective home buyers understandably don't s...

  7. Flipping Communities

    Ryland Homes division president John Carroll on the state of housing in the Midwest.

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