Arizona, Nevada Sue Bank of America for Alleged Foreclosure Fraud
By Michael Kraus
Another chapter in the ongoing foreclosure mess started last Friday when the states of Arizona and Nevada sued Bank of America for alleged foreclosure fraud. The lawsuits are very similar in scope, and basically allege that Bank of America engaged in deceptive practices specifically with regard to mortgage servicing, loan modification, and foreclosure.
Arizona Attorney General Terry Goddard said in a press release:
“Bank of America has been the slowest of all the servicers to ramp up loss mitigation efforts in response to the housing crisis. It has shown callous disregard for the devastating effects its servicing practices have had on individual borrowers and on the economy as a whole”. The Arizona complaint alleges that Bank of America committed fraud in Arizona, and mislead borrowers about foreclosure and loan modification programs in the following ways
http://www.totalmortgage.com/blog/mortgage-rates/arizona-nevada-sue-bank-of-america-for-alleged-foreclosure-fraud/8786