This week, Bank of America agreed to pay approximately $8 billion to assist over 400,000 people with troubled mortgages. The settlement is the Bank’s attempt to resolve claims that Countrywide, recently acquired by the Bank, used deceptive mortgage lending practices.
The Atlanta Journal Constitution has the story.
Eleven states should benefit from the settlement, but Georgia was not one of them. Apparently, the Georgia Attorney General did not participate in the lawsuit.
Regardless, this is a positive step for many people who were victimized by deceptive lending practices and sold mortgages that they could not afford. Perhaps other lenders will follow suit and help homeowners negotiate more favorable mortgages so they can stay in their homes.
Our firm also helps homeowners victimized by the fraudulent sales practices of many over-eager mortgage brokers and lenders. If you believe that you were deceived into applying for a mortgage that you could not afford, you may contact our office to see if you have a claim for fraud against the mortgage broker or lender.
