Bank of America to Pay $3.4M Whistleblower Settlement Over Foreclosure Practices

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Bank of America to Pay $3.4M Whistleblower Settlement Over Foreclosure Practices

Bank of America to Pay $3.4M Whistleblower Settlement Over Foreclosure Practices

Bank of America agreed to pay $3.4 million to the federal government to settle whistleblower claims filed by Miami attorney Bruce Jacobs.

The Jan. 5 agreement stems from allegations that the bank didn’t meet documentation standards for foreclosures and bankruptcies even after agreeing to do so as part of a $25 billion consent judgment involving Bank of America and four other mortgage servicers.

“Instead of intending to comply with the servicing standards for foreclosures as provided in the … consent judgment, the defendants intended to commit new misconduct by presenting misleading and deceptive documentation in foreclosure actions promptly after April 4, 2012, and they have done so regularly since then,” the Jacobs Keeley attorney’s complaint alleged.

[DAILY BUSINESS REVIEW]

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