BLOOMBERG | BofA Unit’s "ReconTrust Co." Utah Foreclosures Violate Law, State Says

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BLOOMBERG | BofA Unit’s Utah Foreclosures Violate Law, State Says

BLOOMBERG | BofA Unit’s Utah Foreclosures Violate Law, State Says

A Bank of America Corp. unit is breaking the law by foreclosing on homeowners in Utah because it doesn’t meet state requirements, the state attorney general’s office said in a federal appeals court case.

ReconTrust Co., a subsidiary of Bank of America, the biggest U.S. lender by assets, isn’t a member of the state bar or a title insurance company and is unqualified to carry out trustee foreclosures, Utah Attorney General Mark Shurtleff wrote in court papers filed yesterday with the U.S. Court of Appeals in Denver.

“ReconTrust Co. N.A. is a non-depository national bank initiating approximately 4,000 home foreclosures in Utah each year in violation of Utah law,” the attorney general’s office said.

The court filing was made in a homeowner’s lawsuit against ReconTrust and Bank of America.

“National banks must abide by state law,” said John Christian Barlow, an attorney for the homeowner, Peni Cox. “ReconTrust just wants to foreclose, period,” he said.

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2 Responses to “BLOOMBERG | BofA Unit’s Utah Foreclosures Violate Law, State Says”

  1. Allan Henry says:

    These big banks think they can get away with what ever they want. If a normal person was to do what these big institutions do on a daily business they would go to prison for life.

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