Homeowners Sue BofA Over Hidden Insurance Fees

Law360, New York (January 5, 2011, 1:36 PM EST) -- A group of North Carolina homeowners has launched a putative class action accusing Bank of America Corp. of secretly breaking a promise that certain mortgage plans would not require the purchase of insurance.

According to a complaint filed Tuesday in the U.S. District Court for the Eastern District of North Carolina, the homeowners allege that Bank of America sold them No Fee Mortgage Plus loans with the promise that mortgage insurance would not be required.

But when the homeowners attempted to refinance those mortgages as their...
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