Wednesday, March 24, 2010

Homeowners Sue Bank of America for Failing to Permanently Modify Loans

Homeowners in Washington State are suing Bank of America, alleging the nation’s largest lender is “intentionally” and “systematically” thwarting and ignoring borrowers’ requests to make reasonable mortgage modifications that would prevent homes from being foreclosed.

The case, filed in a Seattle federal court, claims that Bank of America is required to modify troubled mortgages as a condition of the $25 billion federal bailout it accepted as part of the Troubled Asset Relief Program (TARP). 

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