BofA "Consistently Misleading Consumers" About Home Loan Mod Process

12-17-2010 • ZeroHedge.com

At this point it appears Bank of America can't wait for the alleged Assange secret fraud trove to finally be released and put the bank out of its misery: not a week passes without someone suing the bank for gross mortgage fraud. One would almost think that if we had a functioning legal system in which perpetrators of crime, instead of those protesting it, were arrested that BofA may actually be a sell on the f#&^@!g dip. The latest reason why the best job in the world these days is to be BofA's outside counsel, is that as Reuters just reported, Arizona has sued the bank as a result of the latter "consistently misleading consumers about its home loan modification process." Perhaps a greater crime is BofA's consistently misleading the SEC into settling every single case of multi-billion bonus dispersal at or about the time the banks receives a $15 billion taxpayer funded TARP bailout. And while this latest case will also be settled promptly and quietly, to not give some other plaintiffs the idea that such a thing as equitable compensation exists, in the meantime the actual damages sought by Arizona AG Terry Goddard is $25,000 per violation. Ball park estimate of 500,000 of those countrywide (not just Arizona) , and there goes the firm's Christmas Bonus. From Reuters: The state of Arizona has sued Bank of America Corp , 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.