23 Nov '11, 3am

Bank of America Settlement for Wrongful Military Foreclosures | Care2 Causes

Bank of America Settlement for Wrongful Military Foreclosures | Care2 Causes

The day before Veteran’s Day, the Department of Justice announced that Bank of America will settle with servicemembers whose homes were unlawfully foreclosed upon. Each claimant will receive a minimum of $116,785 plus compensation for any equity lost. This is supposed to compensate them for violations of the Servicemember Civil Relief Act (SCRA). This payout works out to about $20 million total for 160 service members who were illegally foreclosed on between 2006 and the middle of 2009 by Countrywide. Bank of America inherited the responsibility for the wrongful foreclosures when they purchased Countrywide in 2008. Bank of America has admitted no wrongdoing , but they purchased Countrywide, so are responsible for the debt restructuring. Bank of America had an agreement with the states that accused Countrywide of misleading and predatory practices. The Washington Post notes...

Full article: http://www.care2.com/causes/bank-of-america-settlement-fo...

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