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One of Kamala harris' biggest accomplishments as attorney general has. relief provided to California homeowners also fell short of initial promises. with the nation's five largest mortgage servicers: bank of America Corp., The three banks agreed to provide $12 billion in principal reductions on home.
Just 20% of the aid dished out under the settlement covered forgiveness of first-mortgage principal. Per the Los Angeles Times: "We all wish there had been more principal reduction, which is what is.
· BofA moves on principal reduction promised in AG settlement That failed promise has cost more. north carolina-based bank of America Corp. since the beginning of 2008, according to a review of hundreds of bond documents and credit-rating reports by Bloomberg.
According to the bofa class action lawsuit, Bank of America charged thousands. Bank of America reportedly implemented a program that promised benefits. to improperly inflate servicemembers principal balances and deprive. from Bank of America related to the military reduced interest rate benefits,
The multistate AG settlement scheduled to be filed Friday released BofA of any liability under the Mackler suit. The bank said it was providing $11 billion in relief and fines with the agreement.
In fact, the settlement has functioned more as loss mitigation for BofA and investors in mortgage-backed securities than as recompense for victims of predatory lending, says Alan White, an associate professor of law at Valparaiso University and an expert on the subprime crisis.
Bank of America Offers Principal Reductions to 200,000 Homeowners. May 8, 2012. A select group of struggling mortgage borrowers are about to get an offer that sounds too good to be true. Executives at Bank of America say they will begin mailing 200,000 letters offering certain customers mortgage principal reduction.
"We believe that Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers,"said Steve Berman, managing partner of Hagens Berman and one of the attorneys who filed the lawsuit. "BofA promised that it would work with homeowners to modify their mortgages under the HAMP program.
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