BofA, Mortgage Unit Hit With Flood Coverage Class Suit

Law360, New York (September 17, 2010, 6:55 PM EDT) -- Bank of America NA has been hit with a putative nationwide class action accusing it and its home loan servicing arm of forcing mortgage holders to maintain more hazard and flood insurance coverage than is required by their mortgage agreements.

Lead plaintiffs Alice and Lee Berger launched the suit in the U.S. District Court for the District of Massachusetts on Friday, accusing BofA and BAC Home Loan Servicing LP of requiring the insurance in breach of their contracts with borrowers whose real estate mortgages are secured...
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