Wells Fargo & Co. will face an enforcement action today by New York state over the bank’s alleged failure to uphold terms of a $25 billion mortgage-servicing settlement, Bloomberg News reported yesterday. The action, in the form of a motion to compel compliance with the 2012 accord, is to be filed by New York Attorney General Eric Schneiderman in federal court in Washington, D.C. Wells Fargo and Bank of America Corp. were accused by Schneiderman’s office of violating the national settlement, under which five of the country’s largest mortgage servicers promised to reform foreclosure and loan-modification practices. Bank of America has agreed to changes aimed at bringing the Charlotte, N.C.-based lender into compliance with the deal.
