Bank Of America Unit Accused Of Illegal Foreclosures
ReconTrust Company, a home foreclosure unit of Bank of America, is violating both state and federal law for carrying out foreclosures in the state of Utah, according to the Utah Attorney General and as reported in Investment News. Mark Shurtleff, Utah’s Attorney General, sent a letter to Bank of America stating that “all real estate foreclosures conducted by ReconTrust in the state of Utah are not in compliance with Utah’s statutes or federal law, and are hence illegal.”
New York Attorney General Eric Schneiderman, along with the attorneys general in all 50 states, has been on a mission to scrutinize the mortgage servicing practices of the nation’s largest financial firms, including Bank of America. Connecticut Attorney General George Jepsen said that our biggest bank, Bank of America, is delinquent in its mortgage servicing business resulting in significant difficulties for borrowers. He went on further to say that even after having over 2 years to alleviate some of its procedural problems, Bank of America has thus far not prevented even the most common consumer complaints.