The Bank Of America Mortgage Modification Class Action Lawsuit revolves around claims that BOA, according to the lawsuit, “agreed to take part in the U.S. Treasury Department’s $75 billion Home Affordable Modification Program (HAMP) since it accepted bailout funds from the Troubled Asset Relief Program (TARP), but allegedly had an incentive not to modify loans because doing so might cause it to repurchase more loans, collect lower servicing fees, or assess lower default charges because fewer payments would be deemed late.”
The case was filed on the behalf of homeowners who claim that Bank Of America screwed them over on the modify troubled mortgages agreement. The case is in the jurisdiction of the U.S. District Court, Western District of Washington.
