HOMEOWNERS FILE CLASS ACTION AGAINST BANK OF AMERICA
Washington homeowners filed a class-action lawsuit last week against Bank of America, claiming the bank has failed to use the $25 billion in government money it received last year to help struggling homeowners facing foreclosure. The bank participated in the Troubled Asset Relief Program and agreed to reduce loan payments to affordable levels as part of the program – a stipulation the lawsuit claims never happened. Two of the plaintiffs, Kamie and Daniel Kahlo, claim they have been trying to work with the bank for the last year to have their mortgage payments reduced, and the bank has failed to do so.