Florida AG Criticizes Bank of America’s Disregard for National Mortgage Settlement

Florida Attorney General Pam Bondi criticized Bank of America for failing to comply with the servicing standards of the National Mortgage Settlement. “Complaints about Bank of America account for nearly 40-percent of the total 293 complaints the Attorney General’s Office has reviewed and shared with the National Monitor regarding possible non-compliance by the banks.”

In a letter to Bank of America’s counsel in preparation for a meeting between the National Mortgage Settlement’s monitoring committee and Bank of America, the Florida Attorney General outlined non-compliance with the national mortgage settlement by Bank of America including: “Failing to maintain a single point of contact; Failing to comply with the settlement’s dual tracking restrictions; Failing to comply with certain timing requirements; Failing to oversee foreclosure counsel; and Allowing lengthy loan modification processes to occur.”