Wells Fargo faces action over mortgage settlement
NY AG accuses bank of lack of compliance
While Bank of America (BAC) has shown initiative to correct its issues with compliance, Wells Fargo has done no such thing.
Bank of America has agreed to changes aimed at bringing the Charlotte, North Carolina-based lender into compliance with the deal, according to the person. San Francisco-based Wells Fargo hasn’t agreed to any changes, the person said. The practices Bank of America agreed to change to bring itself in line with the settlement apply in New York only, although the bank is expected to try to expand those reforms nationwide, the person said.
Vickee Adams, a spokeswoman for Wells Fargo, said in an e-mailed statement that “if true, it is very disappointing that the New York attorney general continues to pursue his course, given our commitment to the terms of the national mortgage settlement.”