Servicing

Bank of America, Wells Fargo escape enforcement actions on servicing issues

Bank of America (BAC) and Wells Fargo (WFC) managed to escape an enforcement action by state and fed officials over allegations that the mega banks violated terms of the $25 billion mortgage servicing settlement reached in 2012, Bloomberg reports.

The article says an agreement was reached, allowing the firms to fix existing problems while helping harmed borrowers.

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