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Homeowners Sue BofA for Withholding Bailout Money
By Sarah Pierce
Washington homeowners have filed a class action lawsuit against Bank of America, claiming the company intentionally withholds federal bailout funds intended to save homeowners from foreclosure.
Bank of America accepted more than $25 billion in government bailout money that was intended to help struggling homeowners make mortgage payments and avoid foreclosure. By participating in the Troubled Asset Relief Program (TARP), BofA was obligated to offer alternatives to foreclosure and permanently reduce mortgage payments for eligible borrowers struck by financial hardship. The potentially wide-ranging lawsuit claims BofA intentionally slows or thwarts Washington homeowners’ access to these funds by ignoring requests, failing to offer alternatives, ignoring TARP regulations, and creating more financial pressure on homeowners.
If the suit is accepted, it could open the door for other states to file similar class actions against BofA.
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Updated March 29th, 2010
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2 thoughts onHomeowners Sue BofA for Withholding Bailout Money
I had b of a in 2008. I’m I eligible? During housing bubble.
I just want to know if I am eligible