BofA, Wells Fargo Fail Mortgage Servicing Tests

Bank of America Corp (NYSE:BAC), Wells Fargo & Co (NYSE:WFC) and other banks have violated the terms of national mortgage settlement designed to end mortgage servicing abuses. A progress report evaluating compliance of banks with the mortgage servicing standards has been released today by National Mortgage Settlement Monitor Joseph A. Smith, Jr. The monitor evaluated Ally Financial Inc (NYSE:GMA), Bank of America Corp (NYSE:BAC), Citigroup Inc (NYSE:C), JPMorgan Chase & Co (NYSE:JPM) and Wells Fargo & Co (NYSE:WFC) for their compliance with mortgage servicing standards mandated by National Mortgage Settlement. Wells Fargo Failed: Joseph A. Smith found Wells Fargo &…