NEW YORK (
Bank of America
will put the question of conducting an independent review their mortgage and foreclosure practices during upcoming annual meetings following a
Securities and Exchange Commission
The New York City Pension Fund will put the request for an independent review on the proxy ballot at both banks' shareholder meetings. The same request will also be on
Wells did not fight the request for the New York City Pension Fund to include the independent review request on their shareholder ballot, while Citigroup, Bank of America and
all sought rulings from the SEC to exclude the proposals.
"An independent examination of bank foreclosure practices is needed to reassure shareholders and protect pensioners and taxpayers," Comptroller Liu said in a
"The necessity for this becomes even clearer as the weeks and months tick by and more New Yorkers face losing their homes to foreclosure. Regrettably, the banks have failed us on this and even went so far as to try and kick us off the ballot, but the shareholders have prevailed."
--Written by Maria Woehr in New York.
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