Bilk of America: Nevada and Arizona States Attorney Generals File Lawsuits Against Bank of America For Fraudulent And Deceptive Practices

The first two lawsuits by states attorney generals have just been filed against Bank of America. These lawsuits center around Bank of America's alleged fraudulent and deceptive practices concerning loan "re-modifications".

MSNBC's "Countdown" with Keith Olbermann reports why Nevada State Attorney General, Catherine Cortez Matso (D), filed her lawsuit against Bank of America:

"Misleading consumers with false assurances that their homes would not be foreclosed while their requests for modifications were pending, but sending foreclosure notices, scheduling auction dates, and even selling consumers' homes while waiting for decisions.

Misrepresenting to consumers that they must be in default on their mortgages to be eligible for modifications when, in fact, current borrowers are eligible for assistance.

Making false promises to consumers that their modifications would be made permanent if they successfully completed trial modification periods, but then failing to convert these modifications.

And falsely notifying consumers or credit agencies that consumers are in default when they are not."

In addition to the Nevada and Arizona lawsuits, Countdown also notes that Iowa Attorney General, Tom Miller (D), is continuing to coordinate a 50 state investigation in loan servicers' documentation practices, practices which have led some loan servicers to foreclose on homeowners who had already paid off their mortgages in full.

In a meeting with homeowners last week, Tom Miller said, "We will put people in jail," and he described the current exploitive and dysfunctional loan re-modification program as "Insane".

Countdown's fill in host, Chris Hayes, then goes on to interview Terry Goddard (D), Arizona Attorney General, for an eye opening look at how pervasive the "bilking of America" really is:

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