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BoA will pay soldiers $20M to settle suit

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napi21 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri May-27-11 06:49 AM
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BoA will pay soldiers $20M to settle suit

Bank of Americas home loan division - BAC Home Loans Servicing, LP, formerly known as Countrywide Home Loans Servicing, LP, has agreed to pay a minimum of $20 million to settle a lawsuit that alleges the bank foreclosed, without court orders, on the properties of about 160 service members, a violation of the Servicemembers Civil Relief Act, the U.S. Department of Justice announced late Thursday. In a similar suit Saxon Mortgage Services, Inc., will pay $2.35 million in damages to 18 servicemembers.

Read more: BoA will pay soldiers $20M to settle suit | Atlanta Business Chronicle

For them to give in to this much on a settlement, they must be afraid of a MUCH BIGGER penalty from a jury!
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