NY AG Warns Wells Fargo On Mortgage Relief Suspension

Law360, New York (November 16, 2012, 6:53 PM EST) -- New York State Attorney General Eric Schneiderman on Friday warned Wells Fargo Bank NA to halt a policy temporarily suspending mortgage relief applications in the wake of Hurricane Sandy, calling the policy “unconscionable” and a likely violation of February’s historic $25 billion national mortgage settlement.

In a letter addressed to Wells Fargo Chairman, President and CEO John G. Stumpf, Schneiderman urged the company to reverse its decision to suspend loss mitigation and loan modification requests for homeowners in the Northeast following the hurricane, saying the storm...
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