Mortgage Lender Sues BofA For $10M Over Botched Loans

Law360, New York (November 20, 2012, 4:08 PM EST) -- Mortgage lender American Financial Resources Inc. on Friday sued Bank of America Corp. and related entities for at least $10 million in New Jersey federal court, arguing that after it subcontracted mortgage loans to BofA for servicing, the company failed to properly care for the loans.

AFR says that in Oct. 2008, it entered into an agreement with Countrywide Home Loans Servicing LP, a company that has since been absorbed by BofA, under which Countrywide agreed to perform loan servicing on some AFR-owned mortgage loans in...
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