Statement From A.G. Schneiderman Regarding The National Mortgage Settlement Monitor’s Finding That Wells Fargo Failed To Comply With Timeline Servicing Standards

NEW YORK, NY – June 19, 2013 – (RealEstateRama) — National Mortgage Settlement Monitor Joseph A. Smith, Jr. today released a progress report evaluating the compliance of Ally Financial/GMAC, Bank of America, Citi, JP Morgan Chase and Wells Fargo with the mortgage Servicing Standards mandated by the National Mortgage Settlement. The Monitor made findings against several of the servicers, including finding that Wells Fargo failed to comply with the Servicing Standard governing the timeline for notifying borrowers of deficiencies in applications for mortgage modifications.