by Karen Weise, ProPublica
On Friday, Arizona and Nevada both filed suit against Bank of America, saying it deceived homeowners trying to avoid foreclosures. The suits allege that Bank of America knowingly misled homeowners in the loan modification process, regularly promising quick help when the process instead dragged out over months if not years, foreclosing on homeowners during the modification process despite promises that homeowners would be safe and making “false” promises to homeowners that their trial modifications would become permanent, among other complaints.A Bank of America executive told the Arizona Republic that he was “disappointed” in the suits and said the bank is already working to improve its processes and programs. “We and other major servicers are currently engaged in multistate discussions to address foreclosure-related issues more comprehensively,” he said.
This is a companion discussion topic for the original entry at https://talkingpointsmemo.com/?p=116786