Arizona sues BofA, alleges loan modification fraud. ( Nevada to sue, also)

[dixiegrrrrl]

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PHOENIX – Bank of America Corp. violated Arizona's consumer fraud law by misleading consumers who tried to reduce their mortgage payments so they could keep their homes, state Attorney General Terry Goddard said Friday as he filed a civil lawsuit against the bank.

The bank also violated the terms of a 2009 consent agreement requiring the bank's Countrywide mortgage subsidiary to implement a loan modification program, the lawsuit alleges.

Hundreds of homeowners kept making their mortgage payments because Bank of America repeatedly assured them their loan was being modified, he said. Instead, many lost their homes anyway.

Goddard said Nevada is expected to file a similar lawsuit later Friday. The two states are among the nation's hardest hit by homeowners defaulting on mortgages as adjustable payments soared, people lost their jobs, and home values collapsed.

http://news.yahoo.com/s/ap/20101217/ap_on_bi_ge/us_mortgage_fraud
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[BeFree]

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