Skip to main content

Bank of America Pays $1 Million to Settle Vermont Foreclosure Claims

Phil Hall
Jul 13, 2015
Default rates on first mortgages took a slight dip last month while the default rates on second mortgages took an upturn, according to the latest report from the S&P/Experian Consumer Credit Default Indices

Bank of America has entered into an agreement to pay Vermont $1.25 million to settle claims that the Charlotte, N.C.-based financial institution failed to honor the terms of settlement agreements with homeowners in foreclosure actions.

“Homeowners faced with foreclosure need to know that when their bank makes a deal to settle the foreclosure action, the deal will be honored,” said Vermont Attorney General William H. Sorrell. “When banks fail to live up to promises they make to Vermont homeowners, there will be consequences.”

Under the terms of the settlement, the state will receive $1 million; Sorrell’s office did not elaborate on how the state will be using these funds. The remaining $250,000 will create a new fund to compensate Vermont homeowners that are able to establish that Bank of America did not honor the terms of their foreclosure settlement agreements. All claims must be related to the bank’s actions after April 4, 2012, the date of the National Mortgage Settlement. Sorrell set a Sept. 8 deadline for Vermonters to file claims with his office.

Published
Jul 13, 2015
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Tech
Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022