Attorney General Pam Bondi News Release
June 6, 2013
Media Contact: Jenn Meale
Phone: (850) 245-0150
Attorney General Pam Bondi Outlines Critical Concerns Over Bank of America’s Possible Non-Compliance with National Mortgage Settlement
TALLAHASSEE, Fla.—Attorney General Pam Bondi has outlined critical concerns regarding Bank of America’s possible failure to comply fully with the servicing standards she helped negotiate, which are required by the national mortgage settlement. In a five-page letter that preceded a meeting between the National Monitoring Committee, of which Florida is a member, and the Bank of America on Wednesday, Attorney General Pam Bondi shared her concerns on behalf of Florida’s homeowners and requested that Bank of America improve its process immediately. 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 the letter, Attorney General Bondi states, “It isn’t the statistics that are as important as the people they represent. Let me give you some actual examples of the problems I’ve outlined—real Floridians, who, without the assistance of my office, most likely would not have seen successful resolution of their circumstances.”
The concerns regarding possible non-compliance with the national mortgage settlement by Bank of America include, but are not limited to:
· 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.
To read the letter, please follow this link: http://myfloridalegal.com/webfiles.nsf/WF/JMEE-98ESLS/$file/BOA.pdf