Bank of America Challenge HAMP Lawsuits
No stranger to controversy of late, Bank of America (NYSE:BAC) continues their struggle against a string of lawsuits from across the United States. However, the lending giant has requested that the latest case be thrown out of court.
Bank of American currently stand accused of failing to meet obligations toward homeowners looking into mortgage modification as a way of avoiding foreclosure proceedings. It has been alleged by numerous citizens that the bank consistently fell short of complying with the current governmental program designed specifically to reduce and limit the number of foreclosures , violating loan modification contracts.
However, the Bank has fought back by arguing that many homeowners are indeed not eligible for consideration by the government run Home Affordable Modification Program (HAMP) therefore it is not a requirement to submit all eligible loans to permanent modification.
Currently the biggest lender operating in the United States, Bank of America have reaffirmed their compliance and suggested that they indeed focus due care and attention on the process, which is in no way helped by the constant intrusion and close-quarters supervision of the US Treasury.
The case exists as a consolidation of no less than 26 individual lawsuits from across the country, with up to another 10 expected to be added in the near future. However, should the new appeal for dismissal be upheld, all current lawsuits would be thrown out simultaneously.