Bank of America Sued Over Loan Insurance - Parry Tyndall White
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Bank of America Sued Over Loan Insurance

Bank of America Sued Over Loan Insurance

The Triangle Business Journal covered Auguston v. Bank of America, a proposed class action suit involving the bank’s no fee mortgage plus program, in a front-page article in its January 14, 2011 issue.

Friday, January 14, 2011
Bank of America sued over loan insurance
Triangle Business Journal – by Chris Baysden

 

CARY – Already beset by a mountain of criticism over foreclosures and bailouts, Bank of America is facing a new issue raised by Triangle home buyers who claim the Charlotte lender bought mortgage insurance on loans it made to them without their knowledge.

A lawsuit filed in U.S. District Court for the Eastern District of North Carolina centers around “No Fee Mortgage Plus” loans that BofA started making around the country in 2007. The loans were marketed as a way for home buyers to obtain a mortgage without having to pay fees and without having to purchase mortgage insurance…

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“This becomes a weight around someone’s neck,” Jim White, one of the plaintiff’s lawyers, says of lender-paid mortgage insurance.

Read more: Bank of America sued over loan insurance | Triangle Business Journal

Jim White
Jim White
jwhite@ptwfirm.com

Jim White helps people and companies facing serious financial injury. He has successfully taken on banks, large financial institutions and other corporations in “David v. Goliath” cases.