Bank of America’s foreclosure coding error threatens family

foreclosure-defenseA simple foreclosure coding error from the part of Bank Of America puts an American family on threat. Shantell Curtis who owned a house in Utah, had sold off this house to settle her foreclosure debts. Curtis was under the impression that with this sale, the last mortgage payment of the house would be done. However, the Bank of America did not record the transfer of title to the new owners as a result of a $1 coding error. Due to this Curtis still remained the owner of the house which she had sold off. An aftereffect of this was that the said house was put under the foreclosure procedures and Curtis, even though her debt was settled, was referred to the Credit Bureaus with an obliterated credit score, leaving her to suffer for a house which was no longer hers.

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Mortgage Losses of $14b sets aside by BoA

Bank of America (BoA) said today, it has reached an agreement to resolve nearly all of the claims regarding to legacy countrywide issued first-lien residential mortgage-backed securitization repurchase exposure representing 530 trusts with original balance of $US424b. Bank of America says it will set aside $US14b to settle claims for angry investors for losses on dodgy mortgaged-backed securities whose collapsed triggered the 2008 financial crisis.

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