Wells Fargo Not Excused From Obligations Due To Hurricane Sandy - NY Attorney General

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Eric T. Schneiderman, New York State Attorney General, told Wells Fargo Bank today that it could not use Hurricane Sandy to excuse itself "from any of its obligations under the National Mortgage Settlement or under New York law." The warning came after Schneiderman received word the bank had temporarily suspended review of and decisions on applications from homeowners throughout the Northeast for mortgage relief "in order to await further instructions from FEMA." In a letter sent today to John G. Stumpf, Wells Fargo's Chairman, President and CEO, the Attorney General told the bank it must reverse its new policy where it affects applications from New York homeowners "many of whom are still struggling to recover in the aftermath of Hurricane Sandy." Schneiderman said the bank's directive likely...(read more)

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Source: www.mortgagenewsdaily.com

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