A Brooklyn judge has imposed harsh sanctions on Wells Fargo Bank for "wanton and flagrant" bad faith conduct in a residential foreclosure action, ruling that the bank must forfeit all interest accrued on the underlying loan since 2009 and pay the mortgage borrower’s attorney fees.
Brooklyn Supreme Court Justice Yvonne Lewis (See Profile) ruled on May 29 in Wells Fargo v. Ruggiero, 19322/07, that the bank had repeatedly frustrated the efforts of the borrowers, brothers Frances and Michael Ruggiero, to obtain a loan modification by demanding more and more financial information.
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