This just came across the wires—or the nets, as inventor Al Gore calls it… Let me get my hands on the complaint and I’ll post it.
Arizona sues Bank of America over mortgage servicing
SAN FRANCISCO Dec 17 (Reuters) – The state of Arizona has sued Bank of America Corp (BAC.N), alleging that the bank has consistently misled consumers about its home loan modification process, a source familiar with the situation said.
The lawsuit, filed on Friday by Arizona Attorney General Terry Goddard, accuses Bank of America of violating the state’s consumer fraud act, according to a draft copy of the lawsuit obtained by Reuters.
The state also says Bank of America violated a consent judgment over its loan servicing, and is seeking a $25,000 penalty per violation, according to the lawsuit. (Reporting by Dan Levine; Editing by Lisa Von Ahn)