States Accuse BofA Of Deceptive Mortgage Practices

Law360, New York (December 17, 2010, 8:00 PM EST) -- Attorneys general in Arizona and Nevada on Friday unveiled parallel lawsuits accusing Bank of America Corp. of duping homeowners with deceptive loan modification and foreclosure practices, while the U.S. Securities and Exchange Commission reportedly expanded its investigation of the mortgage industry.

Arizona Attorney General Terry Goddard lodged a complaint in the state Superior Court that alleged BofA and subsidiary Countrywide Financial Corp. misled consumers about certain loss mitigation processes, failing to disclose information about how homeowners could qualify for loan modification, among other key details....
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