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More Heat From New York Brings Focus Back to Banks' Legal Woes

Last month we saw Bank of America (NYSE: BAC  ) and Wells Fargo (NYSE: WFC  ) named in a suit filed by New York Attorney General Eric Schneiderman for alleged violations of last year's $25 billion mortgage settlement. But with some push back from B of A, the AG office backed off in order to give the banks proper notice and time to cure any outstanding violations.

This week, news from the AG's office is bringing more heat back onto the banks, with remarks of evidence from other states that the banks, including others that were unnamed, committed the alleged violations. In the video below, Motley Fool contributor Jessica Alling discusses what the banks have gone through to date, what the news from New York means, and how investors might feel about the new legal issues for the banks.

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  • Report this Comment On May 29, 2013, at 5:58 PM, jc61 wrote:

    Looks like Schneiderman is following in the footsteps of his grand-standing predecessors Spitzer and Cuomo.

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Jessica Alling

Contributing writer for covering the financial sector with an emphasis on the insurance industry.

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11/27/2015 1:00 PM
BAC $17.48 Up +0.04 +0.23%
Bank of America CAPS Rating: ****
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Wells Fargo CAPS Rating: *****