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Bank of America’s Mortgage Fees Spark Racketeering Class Action

A proposed class action lawsuit accuses Bank of America of running a racketeering scam by jacking up mortgage fees with unnecessary property inspections. So reports Law360.

Scam road sign 464653 1920 100x100The lawsuit filed in Florida federal court by Palm Beach Gardens homeowner Kimn Sullivan claims that the bank and a third-party property inspector, Safeguard Properties Management, are “collecting unearned and marked-up fees” against homeowners already fending off foreclosure.

The suit alleges that BofA orders property inspections, whether or not they are needed, immediately when a loan goes into default, and that the inspections, run by Safeguard, happen too often for fees that are too high.

Read the full article from Law360.

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