VT AG Reaches $1.25 Million Settlement With Bank Of America Over Foreclosure Settlement Practices

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VT AG Reaches $1.25 Million Settlement With Bank Of America Over Foreclosure Settlement Practices

VT AG Reaches $1.25 Million Settlement With Bank Of America Over Foreclosure Settlement Practices

CONTACT: Bill Sorrell, Attorney General, (802) 828-3171

July 10, 2015

Vermont Attorney General William H. Sorrell announced today that Bank of America will pay the State $1.25 million to resolve the State’s claim that the bank failed to honor the terms of settlement agreements it entered into with homeowners in foreclosure actions.

“Homeowners faced with foreclosure need to know that when their bank makes a deal to settle the foreclosure action, the deal will be honored,” said Attorney General Sorrell. “When banks fail to live up to promises they make to Vermont homeowners, there will be consequences.”

Under the settlement, $1 million will be paid to the State, and a $250,000 fund will be created to compensate Vermont homeowners who establish that Bank of America failed to honor the terms of their settlement agreement. Any homeowner who wishes to make a claim against the fund may submit a claim form, together with the required documentation, to the Vermont Attorney General’s Office, no later than September 8, 2015. For example, if after a mortgage foreclosure settlement with Bank of America, a Vermonter received statements from the bank with a payment amount, interest rate or total loan balance that was inconsistent with the settlement agreement, the Vermonter should apply for compensation from the fund. Claims must relate to actions of Bank of America that occurred after April 4, 2012, the date of the National Mortgage Settlement.

Published: Jul 10, 2015

Source: http://ago.vermont.gov

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2 Responses to “VT AG Reaches $1.25 Million Settlement With Bank Of America Over Foreclosure Settlement Practices”

  1. crittermom says:

    Business as usual? Let’s see………….the ‘banks’ (their CEO’s who make the obscenely big bucks & should be aware of what’s going on in their co), commit fraudulent acts which continue for years. These continue under the nose of both state & federal agencies, all the while the citizens screaming of the injustice against them from their rooftops.

    Then the govt (be it state, or federal), FINALLY comes along & FINES the banks, collecting & keeping the majority (if not all), of the money from the fines.
    If there is a little delegated to the citizens harmed, it’s mere scraps to be fought over (in this case, $250,000).

    The banks make more money from these acts, than the fines they must pay.

    The govt–state or federal, receives millions &/or billions in fines, as they take years to “turn on a light to expose what’s happening”, all while families are losing their homes & screaming.

    Those citizens (& actual investors–which is once again the citizens, in the forms of pension funds & such)–those actually harmed, get……???

    Almost seems to me like the govt turns a blind eye until the fines (crime) will be large enough to be worth pursuing for THEM, rather than “nipping it in the bud” by enforcing the laws (like TILA, RESPA, etc, etc, etc…).

    We’ve seen this for years & years now, but the “trickle down” effect regarding money from these fines doesn’t seem to work, leaving those truly harmed with nothing.

    Am I the only one who sees it from this view?

  2. crittermom says:

    This article refers to illegal practices that happened since the IFR in 2012, when new laws were put into place to protect homeowners.
    What happened to any enforcement & oversight that was supposed to be happening since then?
    Nothing, obviously.
    But wait! Oh, yes. The state will now impose fines against the bank.
    Same ol’ story?

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