(Source: Bloomberg By Sophia Pearson) – Nevada asked a U.S. judge to terminate a settlement with Bank of America Corp. (BAC) over home-loan modifications tied to its Countrywide mortgage unit, saying the company hasn’t complied with terms of the accord.Bank of America increased consumer interest rates and monthly payments in violation of a consent decree and required homeowners to provide extensive documentation to qualify for modifications even though the settlement calls for a “streamlined” approach, the state said yesterday in a statement. The state is seeking to file an amended complaint against the bank with additional claims.
Source: Bloomberg By Sophia Pearson
Aug 31, 2011 7:00 AM PT
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