July 3, 2018 / 10:51 PM / 18 days ago

Bank of America sued over Countrywide's second mortgages

Bank of America and its Countrywide unit have been hit with a proposed class action accusing them of selling homeowners’ second mortgages to a Texas company for debt collection after assuring homeowners the loans would never be enforced.

Filed on Monday in Santa Ana, California, federal court, the lawsuit said homeowners are being threatened with foreclosure if they do not pay off the loans, which have ballooned in size after years of unpaid interest and penalties. The Texas debt collector, Real Time Solutions (RTR), was also named as a defendant.

To read the full story on Westlaw Practitioner Insights, click here: bit.ly/2KKqNg5

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