Bank of America Hit With Foreclosure Lawsuit

by Hugh Collins on Feb.03, 2011, under Towing

Bank of America Corp. (BAC) is the subject of a lawsuit that accuses the bank of hiding foreclosure problems that contributed to a drop in its share price.

The suit, filed by a union benefit plan, says Bank of America concealed problems in its recording of mortgages, Reuters reported. This damaged investors when the company suspended foreclosure proceedings last year, the suit says.

“We are…

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Bank of America Hit With Foreclosure Lawsuit originally appeared on DailyFinance on Thu, 03 Feb 2011 08:32:00.

Filed Under: Company News, Bank of America, Real Estate, Credit