On Wednesday, the monitor for the National Mortgage Settlement will release the first report on how well the five largest banks are complying with the $25 billion deal designed to hold them accountable for foreclosure fraud. Anticipating that report, Florida Attorney General Pam Bondi has blasted two of the five, Bank of America and Wells Fargo, for violating the agreement and needlessly putting Floridians into foreclosure.
It is a welcome change. Last month, Ms. Bondi’s response to New York Attorney General Eric Schneiderman’s threat to sue the banks for similar violations in his state was that she was “closely monitoring compliance.” Mr. Schneiderman said lenders and servicers continue the practices because they don’t fear law enforcement. Ms. Bondi finally has made it clear that her office will act, if necessary. “If the monitor finds substantial non-compliance by Bank of America or any other settling servicer that is not timely cured,” she wrote in a letter to Bank of America, “then litigation is likely the best option, and one I remain prepared to pursue.”
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