Bank of America Sued in Consumer Fraud Lawsuit
A consumer fraud lawsuit has been filed against Bank of America by a New York man claiming the company frequently denied qualified homeowners access to a federal aid program originally designed to help those who were facing foreclosure.
According to Law360 (subscription required), Gregory Mackler claims that Bank of America had a policy in place so the bare minimum number of people were allowed to qualify for the federal Home Affordable Modification Program (HAMP) in order to prevent any type of retaliatory action from Congressional skeptics and other government agencies.
Instead of approving applicants for mortgage modifications, Mackler claims that the bank took actions that were primarily profitable for them, such as forcing home owners into more costly proprietary mortgage modifications, initiating foreclosure proceedings, or continuing to service a defaulted mortgage.
This consumer fraud lawsuit comes just after Bank of America recently agreed to pay $1 billion to the government in order to settle claims involving loans that were backed by the Federal Housing Administration and HAMP.
If you or a loved one has been wronged by consumer fraud, contact Sokolove Law for a free legal consultation and to find out if a consumer fraud lawyer may be able to help you.