Arizona and Nevada Sue Bank of America Over Loan Modifications

Attorney General Terry Goddard announced the lawsuit, filed in Maricopa County Superior Court, on Friday December 17, 2010. It came after the office said hundreds of complaints have been filed against Bank of America (NYSE: BAC) and that the company violated the Arizona Consumer Fraud Act.  "Bank of America has been the slowest of all the servicers to ramp up loss mitigation efforts in response to the housing crisis," he said. "It has shown callous disregard for the devastating effects its servicing practices have had on individual borrowers and on the economy as a whole." Nevada also sued claiming that the bank told consumers they would not be foreclosed on while requests for loan modifications were under way.  Mortgage servicers have come under fire in recent months for abuses of the foreclosure process. In another foreclosure probe, the U.S. Securities and Exchange Commission sent out a fresh round of subpoenas last week to big banks including Bank of America.

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