As part of the deal, Bank of America will be able to sell its mortgage servicing rights to Fannie Mae and Freddie Mac. This seems like a step in the right direction for regulators who have been pushing banks for more transparency.
The “bank of america settlement payout date 2021” is the expected payout date for Bank of America’s $250M deal. The settlement will be paid out over a period of time, and the bank will have to pay back the money.
In a class action complaint brought by mortgage borrowers alleging that Bank of America and Countrywide Financial Corp engaged in a real estate assessment scam, a $250 million settlement has been suggested.
The plaintiffs in this case claim that the defendants did not provide independent assessments in accordance with the Uniform Standards of Professional Appraisal Practice’s ethical guidelines (USPAP).
After a former LandSafe Appraisal Services Inc. (LSA) manager named Kyle Lagow filed a sealed complaint against Countrywide, LSA, and Bank of America for damages under the False Claims Act, the Bank of America class action case was started. After the lawsuit was unsealed, Lagow resolved the case, prompting borrowers to launch a separate class action.
After a court certified the class action case against the three defendants, a website was created in March 2019.
The motion for preliminary approval of the Bank of America class action settlement states, “The Settlement confers substantial relief for Class members, who will automatically receive a refund check for a percentage of the appraisal fees they paid, without having to complete a cumbersome claim form, answer any questions, or provide any documentation.”
All inhabitants of the United States who applied for a mortgage loan with Countrywide between January 1, 2003 and December 31, 2008 and hired LSA as an appraiser will be included in the settlement class.
According to the motion, settlement class members will receive checks for at least 22% of the appraisal cost imposed in conjunction with their home loan application.
Class Members will receive class postcard notices of the settlement as part of the settlement conditions, using their last known contact information, which will be verified by the settlement administrator. Members of the settlement will also be notified through media such as newspapers and online banner advertisements, giving them the chance to protest or opt-out of the proposed settlement.
“All Settlement Class members who do not opt-out of the Settlement Class will be subject to a release of their claims against Defendants relating to appraisal fees paid in connection with appraisals conducted by Defendants throughout the class period,” according to the petition for preliminary approval.
The customers further point out that in negotiating the proposed settlement, class counsel and settlement class representatives have adequately represented the class’s interests.
According to the Bank of America class action settlement petition, the class counsel may pursue the claims all the way to trial, but any monetary recovery would be years away and at a far higher cost.
According to the petition for preliminary approval of the settlement, the agreement includes a $250 million settlement fund as well as $2.5 million in settlement administration expenses. In addition, each class representative in this class action case will ask the court for service awards of up to $15,000 in this litigation. According to the motion, attorneys fees will be paid to the class counsel in an amount not to exceed 25% of the settlement sum.
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Christopher R. Pitoun and Steve W. Berman of Hagens Berman Sobol Shapiro LLP and Daniel Alberstone, Roland Tellis, Evan Zucker, and Elizabeth Smiley of Baron & Budd PC are representing the plaintiffs.
Waldrup v. Countrywide Financial Corp., et al., Case No. 2:13-cv-08833, and Williams, et al. v. Countrywide Financial Corp., et al., Case No. 2:16-cv-04166, are two Bank of America class action lawsuits filed in the United States District Court for the Central District of California.
The “bank of america settlement department” is a bank that was recently fined $250M for illegal practices. The bank has reached a deal to settle the issue and avoid further penalties.
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