>Bank of America Mortgage Rates
Date Filed: May 13, 2009
Court: U.S. District Court
Location: Washington
Hagens Berman Sobol Shapiro filed a class-action lawsuit against Bank of America claiming the banking giant refused to honor agreed-upon rate modifications on home loans to first mortgage borrowers.
The lawsuit claims Bank of America offered a special 'no fee rate modification plan' in order to compete during the height of the home loan market. The plan allowed first mortgage borrowers the opportunity to negotiate a lower interest rate once a year over the life of the loan, if market rates dropped.
After the recent housing and lending crisis, rates dropped and plan participants approached BofA for rate changes. The suit claims the bank stonewalled and gave various excuses as to why people didn't qualify, ultimately refusing to live up to its promise to the lower interest rate.
The lawsuit represents loan recipients who were eligible for the no rate fee modification plan and did not receive a lower interest rate.
Court: U.S. District Court
Location: Washington
Hagens Berman Sobol Shapiro filed a class-action lawsuit against Bank of America claiming the banking giant refused to honor agreed-upon rate modifications on home loans to first mortgage borrowers.
The lawsuit claims Bank of America offered a special 'no fee rate modification plan' in order to compete during the height of the home loan market. The plan allowed first mortgage borrowers the opportunity to negotiate a lower interest rate once a year over the life of the loan, if market rates dropped.
After the recent housing and lending crisis, rates dropped and plan participants approached BofA for rate changes. The suit claims the bank stonewalled and gave various excuses as to why people didn't qualify, ultimately refusing to live up to its promise to the lower interest rate.
The lawsuit represents loan recipients who were eligible for the no rate fee modification plan and did not receive a lower interest rate.
| SHARE: |
|
Cases and Investigations
| CONTACT US | CYCLING TEAM | INSTITUTIONAL INVESTORS | FOLLOW US ONLINE: |
|
|
Sign Up For E-Mail Alerts