Bank of America to Pay $36.8 Million to Military Members for Improper Foreclosures

Travis Waldron
Think Progress / News Report
Published: Monday 8 April 2013
In total, Bank of America will pay more than 300 military members.
Article image

Bank of America will pay $36.8 million to members of the military it improperly foreclosed on between 2006 and 2010, according to a settlement it reached with the federal government in 2011, the Justice Department announced this week.

Bank of America was already paying 142 military members under the original 2011 agreement, but a further review required by the settlement found 155 additional military homeowners who were subject to improper foreclosures, the Justice Department said. In total, Bank of America will pay more than 300 military members, as Reuters reports:

Each of 316 service members will receive at least $116,785, plus compensation and with interest, for any home equity lost. [...]

“Our men and women in the military should not have to worry about a bank foreclosing on their home while they bravely serve our country,” Eric Halperin, Special Counsel for Fair Lending in the Civil Rights Division, said in a statement.

In 2011, federal regulators said banks may have improperly foreclosed on more than 5,000 members of the military and violated the Servicemembers Civil Relief Act, which provides certain financial protections to military members. Bank of America was also one of the five banks that reached a settlement with the federal government over widespread mortgage and foreclosure abuses. The Justice Department is still reviewing foreclosures from all five banks for violations of the Servicemembers act.



Author pic
ABOUT Travis Waldron

Travis Waldron is a reporter/blogger for ThinkProgress.org at the Center for American Progress Action Fund. Travis grew up in Louisville, Kentucky, and holds a BA in journalism and political science from the University of Kentucky. Before coming to ThinkProgress, he worked as a press aide at the Health Information Center and as a staffer on Kentucky Attorney General Jack Conway’s 2010 Senate campaign. He also interned at National Journal’s Hotline and was a sports writer and political columnist at the Kentucky Kernel, the University of Kentucky’s daily student newspaper.

$36 Million...Really? You can

$36 Million...Really?

You can bet they are celebrating in the board rooms right now.

Does that even amount to the CEO's pay?

ThinkProgress and Center for American Progress are just wings of the Democratic Party.

Take this article with a big grain of salt.

Obama's thieving Wall Street

Obama's thieving Wall Street "Savvy Businessmen" buddies should have to forfeit the house to veterans -- that would be just, fair, and right for their criminal seizures of homes of veterans'families, and it would make banksters think twice about trying to illegally confiscate a veteran's home.

Where are the prosecutions of

Where are the prosecutions of the criminals deliberately stealing houses???
Oh that's right the DOJ encourages corporate crime, they just hate the little guy.
I guess it's because the big criminals like the drug cartels that employ the DOJ don't like competition.

The DOJ lapdogs being just dumb puppets wipe out all the cartels competition.

Where are the prosicutions of

Where are the prosicutions of the criminals deliberatly stealing houses???
Oh that's right the DOJ encourages corporate crime, they just hate the little guy.
I guess it's because the big criminals like the drug cartels that employ the DOJ don't like competition.

The DOJ lapdogs being just dumb puppets wipe out all the cartels competition.

Big deal! The owners still

Big deal! The owners still lost their homes and what is BofA doing about that?

Big deal! The owners still

Big deal! The owners still lost their homes and what is BofA doing about that?

How abut if Bush, et al pay

How abut if Bush, et al pay a few million also as a bonus.

And when do these BOA creeps

And when do these BOA creeps see the inside of a prison?

Comment with your Facebook account



Comment with your Disqus account

Top Stories