Class Action Law Suit for Bank Of America
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The lawsuit that was filed on 12/27/10 in St.Louis, Conneticut, claims that although Bank of America took $25 billion in TARP money (Troubled Asset Relief Program) it broke faith with the U.S treasury by letting mortgage holders down. The suit is similar to others filed by Attorneys general in Arizona and Nevada.
Plaintiffs in the suits claim that “by accepting TARP money, Bank of America agreed to participate in at least one TARP-authorized program to minimize foreclosures” and agreed via contract with the U.S. Treasury to comply with HAMP (Home Affordable Modification Program) regulations to “perform loan modifications and other foreclosure prevention services.” The plaintiffs allege that the bank has done neither.
Bank of America reported that it had completely paid back all TARP funds on December 9, 2009. It has consistently reported the lowest completion rates on loan modifications of any lender and has repeatedly “streamlined” the time frame and modification process in an effort to maintain a good public image and good rapport with consumers. However, the lender has complained on record – along with others – that the processes required by HAMP place too much strain on lenders, requiring them to “collect too much paperwork” and not placing enough responsibility for timely submission and accuracy on borrowers themselves.
Yeah right!
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Shawn
