Bankster of America seeks to dismiss foreclosure complaint

[marmar]

(bloomberg) Bank of America Corp. (BAC), the biggest U.S. lender by assets, sought to throw out a complaint that accuses it of violating obligations to homeowners seeking to modify mortgage loans and avoid foreclosure.

Borrowers say the bank “systematically failed” to comply with a U.S. government program aimed at stemming foreclosures and has violated contracts for modifying loans, according to a complaint in Boston federal court that consolidates cases from across the country.

Bank of America asked U.S. District Judge Rya Zobel at a hearing today to dismiss the complaint. The bank argues not all homeowners are eligible for inclusion in the government’s Home Affordable Modification Program, or HAMP, and that it’s not required to permanently modify all loans that are eligible.

“The bank is constantly working on the process, and the Treasury is breathing down its neck to make the process better,” James McGarry, a lawyer for the bank, said. ...........(more)

The complete piece is at: http://www.bloomberg.com/news/2011-04-07/bank-of-america-challenges-suits-on-loan-modification-under-u-s-program.html

[MrCoffee]

1. I wish Treasury would stop breathing down their neck

and start stomping on their throat.

Enforce every friggin' provision of the MHAP and fine the hell out of the banks for every single violation found.

[RUMMYisFROSTED]

2. Indeed.

A ridiculous assertion.

"...and the Treasury is breathing down its neck..."

[nykym]

3. I find this statement

very troubling,
'and that it’s not required to permanently modify all loans that are eligible'.