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Loan Modification

: Mortgage Lender Implode-o-Meter

Class Action Suit Filed Against Bank of America Over Foreclosure Activities

By Implode-Explode Heavy Industries

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"Robbins Geller Rudman & Dowd LLP has announced that a class action lawsuit has been filed on behalf of an institutional investor in the U.S. District Court for the Southern District of New York against Bank of America Corporation (BofA) alleging that defendants issued materially false and misleading statements regarding the company?s business. Defendants concealed defects in the recording of mortgages and improprieties with respect to the preparation of foreclosure paperwork that harmed BofA?s investors when BofA had to temporarily discontinue foreclosures and admit to the problems it was experiencing. For much of the class period, defendants also concealed that BofA had previously engaged in a practice known as ?dollar rolling,? wherein it omitted billions of dollars in debt from its balance sheet reported to the public. As a result of defendants? false statements, BofA?s stock traded at artificially inflated prices during the class period, reaching a high of $19.48 per share on April 15, 2010."

Full post as published by Mortgage Lender Implode-o-Meter on February 03, 2011 (boomark / email).

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