The National Mortgage Settlement involved three other banks in addition tornWells Fargo and BOA.  It settled claimsrnand lawsuits with 49 state attorneys general and several federal regulatoryrnagencies.  In addition to the cashrnsettlement the banks agreed to cut mortgage debt amounts, restructure troubledrnloans, and meet new servicing standards. rnJoseph Smith, former North Carolina Banking Commissioner who heads the settlementrnmonitoring committee is expected to report within the next few weeks on progressrnmade by the five servicers in meeting the settlement terms. .</p

Under the settlement any of the several parties can bring action against thernbanks after a 21 day notice to the monitoring committee.  Schneiderman said he has informed therncommittee of his intentions and the committee has the right to proceed on litigationrnof its own or defer to his suits.   </p

Schneiderman did not comment on whether the other three banks involved inrnthe settlement, JPMorgan Chase, Citigroup, and Ally Financial, were performingrnunder the lawsuit to New York’s satisfaction.

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