Bank of America’s refusal to participate in foreclosure prevention programs even though it accepted $25 billion in TARP (Troubled Asset Relief Program) money has plaintiffs in St. Louis, Connecticut, claiming that the beleaguered lender broke faith with the U.S. Treasury and let borrowers in foreclosure down[1]. The lawsuit, which was filed today, is similar to suits brought against BofA by the attorneys general of Arizona and Nevada last week. Plaintiffs in the suits claim that “by accepting TARP money, [BofA] agreed to participate in at least one TARP-authorized program to minimize foreclosures” and agreed via contract with the U.S. Treasury to comply with HAMP (Home Affordable Modification Program) regulations to “perform loan modifications and other foreclosure prevention services.” The plaintiffs allege that the bank has done neither.
From: http://ping.fm/Tgtsa
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