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

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

Bank of America Corp. and Wells Fargo & Co. (WFC) 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 YorkAttorney General’s office, which claims Bank of America and Wells Fargo have violated the settlement.

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