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US Wants $2.1B from Bank of America

by | Feb 7, 2014 | Mortgage Debt

The Justice Department is seeking $2.1 billion in fines from Bank of America related to mortgage fraud related perpetuated by Countrywide Financial.

http://money.cnn.com/2014/01/30/news/companies/bank-of-america-fine/

Countrywide sold many fraudulent loans in 2007 and 2008 described as “defective and sold with misrepresentations.”  Proceeds from the sale of these topped $5 billion dollars. The result of practices like these was that many consumers were left with terrible home loans they could not afford.  Now, their homes are underwater and they cannot afford their mortgages.

If you have an underwater home, are facing foreclosure, or experienced a foreclosure, consult with a qualified debt settlement attorney.  A qualified debt settlement attorney will be able to explain all available options for underwater home owners or home owners experiencing foreclosure.

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.