Go Finance report - the State of Arizona filed a lawsuit against Bank of America (BoA), which accused it had defrauded homeowners who are short of money amid the global economic crisis.
"Legal action is triggered after the hundreds of complaints and investigations during the year , based on a variety of bank loans and the practice of foreclosure , "said U.S. State attorney general , Terry Goddard , quoted by the Straits Times , Sunday( 19/12/2010 ).
It is said Terry, BoA became the latest bank in the ministry to increase efforts to mitigate the loss in following up the housing crisis.
"This has shown negligence resulting from the devastating effects of the practice of ministry that has been loaned by individuals and to the economy as a whole," he added.
Specifically, he accused the Bank of America, as the largest residential mortgage loan services in the United States (U.S.), which violates state law. And in March 2009 agreement made between Arizona and lenders owned by BoA, Countrywide.
In the agreement, called the approval rating, Countrywide, agreed to develop and implement program modifications to some ex-loan borrowers in the state of south-western U.S.. (GoFinance)
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