The Real Deal Miami

Fla. attorney general blasts Bank of America over mortgage settlement

June 07, 2013 04:00PM

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Pam Bondi and Bank of America

Florida’s attorney general Pam Bondi wrote in a five-page letter to Bank of America claiming it may not be fully complying with the terms of last year’s nationwide, five-bank mortgage settlement, the South Florida Business Journal reported.

Bondi accused the multinational corporation of failing to do the following: maintain a single point of contact, comply with the settlement’s dual tracking restrictions, comply with certain timing requirements and oversee foreclosure counsel, the publication said.

Last month, she said her office was considering claims that Wells Fargo and Bank of America were violating those terms, as previously reported.

The $25 billion settlement between the government and the nation’s five largest mortgage lenders has gone to some 102,000 distressed Florida homeowners with an average of $75,949 in relief, according to a February report of the Office of Mortgage Settlement Oversight. Bond reviewed the Florida portion of the settlement over alleged violations of law in mortgage servicing and handling foreclosure cases.

According to the attorney general, nearly 40 percent of the 293 complaints that her office received from consumers over this matter were about Bank of America. [South Florida Business Journal]Mark Maurer

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