ALBANY, N.Y. (AP) _ New York Attorney General Eric Schneiderman says he's suing Wells Fargo to force compliance with terms of last year's national mortgage case settlement.
Schneiderman also says he is dropping a similar action against Bank of America, which has agreed to reforms its lending system.
The settlement of charge of improper lending practices sets standards that prohibit lenders from pursuing foreclosure while negotiating a loan modification. They require the banks to acknowledge in writing a refinancing application within three business days, notify the borrower of any missing documents within five days and make a decision on a complete application within 30 days.
Schneiderman said Tuesday the settlement has brought relief to thousands of New York homeowners during the housing crisis and recession.
There was no immediate comment from Wells Fargo.