Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

BofA, Wells Fargo Won’t Face Mortgage Deal Enforcement Case

Bank of America Corp. and Wells Fargo & Co. won’t face an enforcement action by state and federal officials over claims the banks violated a $25 billion mortgage-servicing settlement.

The agreement established a process for banks to fix violations and remediate harm to borrowers, a committee of states and federal agencies said in a letter today to the New York Attorney General’s office, which claims Bank of America and Wells Fargo have violated the settlement.

The oversight process “will be the most efficient path to improving services to borrowers -- and, we believe, will bring about those reforms more quickly than protracted litigation on these particular issues,” the committee wrote.

New York Attorney General Eric Schneiderman said in May that he intended to bring an enforcement action against Bank of America and Wells Fargo for violating terms of last year’s settlement, which provided monetary relief to homeowners and sets requirements for servicing mortgages.

Schneiderman notified the monitoring committee of his plans, saying the banks violated standards for processing mortgage modifications from homeowners. Under terms of the settlement, reached with 49 states and the U.S., if the committee declines to pursue litigation, a state can pursue its own claim after an additional 21-day period, according to New York.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.