Attorney General of New York State Eric T. Schneiderman on Monday announced his intention to sue Bank of America and Wells Fargo for repeatedly violating the terms of a landmark mortgage settlement.

The National Mortgage Settlement, signed in 2012, required the five largest US mortgage servicing banks, namely Bank of America, J.P. Morgan Chase, Wells Fargo, Citigroup and Ally Financial, to improve their customer service practices by complying with the Servicing Standards, which include the timeline for banks to process mortgage modification applications.

The Attorney General's office has documented 339 violations of those standards by Wells Fargo and Bank of America since October 2012, as well as constant complaints from New York homeowners, according to a statement released by the New York State Office of the Attorney General.

"Wells Fargo and Bank of America have flagrantly violated those obligations, putting hundreds of homeowners across New York at greater risk of foreclosure," Schneiderman said in the statement.

"The five mortgage servicers that signed the National Mortgage Settlement are legally required to take specific, rigorous, and enforceable steps to protect homeowners," he said.

Under the settlement, any party can bring an enforcement action following a 21-day notice to a monitoring committee set up to enforce the agreement.

The Attorney General said he informed the committee of his intent to sue and pledged to use every tool available to his office to hold these companies accountable under the terms of the settlement.

This would be the first time an Attorney General will have brought a legal enforcement claim under the auspices of the National Mortgage Settlement, according to the statement.

After months of negotiations last year, 49 states, the Department of Justice and the five largest US mortgage servicers reached an agreement of the Settlement, which includes 25 billion US dollars of consumer relief and 304 Servicing Standards, according to the statement.

The Standards, which participating servicers are required to adhere to, are intended to make it easier for homeowners to seek loan modifications, the statement said.