BELL v COUNTRYWIDE | BofA settling key lawsuit over Utah foreclosure

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BELL v COUNTRYWIDE | BofA settling key lawsuit over Utah foreclosure

BELL v COUNTRYWIDE | BofA settling key lawsuit over Utah foreclosure

Law » An earlier decision in case had called into question the legality of bank’s practices.

Read the case here: BELL v. COUNTRYWIDE | Latest foreclosure ruling sides with Utah homeowners Lawsuit » In split with other judges, jurist says BofA unit can’t rely on Texas law


The Salt Lake Tribune-

Bank of America has agreed to a substantial settlement in a lawsuit by Utah homeowners in which an earlier ruling had raised serious questions about whether a unit of the bank had legally foreclosed on homes in Utah.

But the state of Utah, which intervened in the case and filed its own complaint, has not signed off on the settlement and apparently wants to continue to assert its claim that the bank’s ReconTrust Co. unit, based in Texas, illegally carried out foreclosures in this state.

Homeowners Timothy and Jennifer Bell had sued Bank of America arguing that Countrywide Financial, which BofA acquired in 2008, had engaged in predatory lending practices when it provided them a loan to refinance their Holladay home under terms they did not qualify for and could not afford. They asserted that ReconTrust illegally began foreclosure proceedings on their property when they went into default.

[THE SALT LAKE TRIBUNE]

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