Bondi Angered Over Bank of America’s Settlement Compliance
Bondi angered over Bank of America’s settlement compliance
Florida Attorney General Pam Bondi sent a letter to Bank of America this week with concerns over its compliance with the National Mortgage Settlement.
The letter addresses several alleged violations, including failing to comply with the settlement’s dual-tracking restrictions, which bar banks from moving forward with a foreclosure while working on a loan modification.
Other concerns include lengthy loan modification application processes, failing to assign each borrower a single person to work with, and failing to oversee foreclosure attorneys to ensure they have updated and accurate information.
“It is deeply concerning to me that it takes my staff’s direct involvement to get results I would expect to be achieved under the settlement without any facilitation on our part,” Bondi wrote. “Even more concerning are the troubling patterns that are emerging from our review of complaints, clearly pointing to possible larger systemic problems regarding Bank of America’s implementation of the settlement’s servicing standards.”
Copy of the letter below…