New York Attorney General Eric Schneiderman is raising concerns about the pace of relief provided to the state's mortgage borrowers by Wells Fargo & Co. under a landmark $25 billion settlement, the Wall Street Journal reported today. "We are concerned that Wells Fargo is underperforming compared to other banks," Schneiderman said. "By identifying this pattern early, there is still time to address this issue and increase activity so that Wells's customers will be afforded meaningful assistance to keep their homes." New York has so far received $1.8 billion in relief under the February 2012 settlement from various banks, according to Schneiderman's office. Every dollar of relief does not translate directly into a dollar awarded under the settlement. Instead, different types of relief are assigned credits that then translate into dollar figures. The amount of relief that reaches homeowners can vary by state and by bank. Banks can be penalized millions of dollars for violating the settlement, but there is little in the way of forcing banks to evenly distribute relief by state. In New York, 48,640 loans made by Wells Fargo were more than 30 days delinquent. The bank gave relief worth an average of $76,865 to 1,051 New Yorkers, according to data provided by the banks to an independent monitor of the settlement.
