Consumer complaint received 2015-06-01
Company: BANK OF AMERICA, NATIONAL ASSOCIATION
State: GA
Product: Mortgage
Sub-product: Conventional adjustable mortgage (ARM)
Issue: Application, originator, mortgage broker

Complaint:
-In XXXX of XXXX, my wife and I applied for and obtained XXXX & XXXX Mortgages ( HELOC ) from Countrywide Financial ( CWF ), now Bank of America ( BA ) for the purchase of a home at XXXX XXXX XXXX XXXX XXXX XXXX GA XXXX ( Account Numbers : XXXX - XXXX ; XXXX - XXXX ). On XXXX XXXX, XXXX, XXXX XXXX XXXX XXXX ( XXXX ) acquired the XXXX Mortgage loan from CWF after obtaining approval from CWF for a Subordination of the HELOC in XXXX XXXX. Complainants commence this complaint alleging fraud, fraudulent inducement, breach of promise & violations of General Business Law ( " GBL '' ) XXXX, known as the Deceptive Practices Act against CWF-BA & XXXX. In addition to compensatory and punitive damages, complainants seek a declaration that the Subordination agreement signed in XXXX XXXX by CWF & XXXX on behalf of complainants is null & void, and to enjoin the enforcement of the notes & mortgages as unenforceable against complainants. 
-In XXXX XXXX, the US Dept of Justice ( USDOJ ) announced a {$330.00} XXXX ( M ) settlement with BA over discriminatory lending practice at CWF XXXX USDOJ also found that BA discriminated against qualified XXXX & XXXX borrowers from XXXX to XXXX - minority borrowers who qualified for prime loans were steered into higher-interest-rate subprime loans. Further, the USDOJ in XXXX XXXX reached a {$16.00} XXXX ( B ) settlement with BA to resolve Federal & State claims against BA & its former & current subsidiaries, including CWF & Merrill Lynch. As part of this global resolution, BA agreed to pay a $ XXXX penalty under the Financial Institutions Reform, Recovery & Enforcement Act ( FIRREA ) and provide XXXX of dollars of relief to struggling homeowners, including funds that will help defray tax liability as a result of mortgage modification, forbearance or forgiveness. The settlement does not release individuals from civil charges, nor does it absolve BA, its current or former subsidiaries & affiliates or any individuals from potential criminal prosecution. 
-Notwithstanding, In XXXX. XXXX, Complainants after suspecting CWF committed Discrimination & Mortgage Fraud in the origination of the XXXX & XXXX Mortgages refinanced the XXXX Mortgage with the XXXX after XXXX obtained and agreed to a Subordination of the XXXX Mortgage adjustment with BA. In XXXX. XXXX, XXXX XXXX XXXX suffered XXXX that made him unable to work. Despite multiple requests to the XXXX for XXXX Mortgage Modifications, Forbearances or Forgiveness from XXXX ; complainants multiple requests were denied due to the existence of the HELOC with BA. My wife & I made multiple requests to BA for assistance with the XXXX Mortgage and Release or Forgiveness of the HELOC however, all request were denied. Nevertheless, our home went into Foreclosure in XXXX XXXX. 
-In XX/XX/XXXX, the XXXX reached a $ XXXX settlement with BA & some of its subsidiaries over residential mortgage backed securities losses at failed corporate credit unions. However, on XXXX XXXX, XXXX, complainants only received a letter regarding a Full Principal Forgiveness of the HELOC ( Attached ). Based on the current settlements & litigation including but not limited to " For years, CWF & BA unloaded toxic mortgage loans on the government sponsored enterprises XXXX & XXXX XXXX with false representations that the loans were quality investments, '' said U.S. Attorney XXXX XXXX for the XXXX XXXX XXXX New York. " This office has already obtained a jury verdict of fraud & a judgment for over a XXXX dollars against CWF & BAC for engaging in similar conduct. Since XXXX acquired the XXXX Mortgage loan from CWF after obtaining approval from CWF for a Subordination of the HELOC in XXXX XXXX, The XXXX mortgage was and act of fraud.

Company public response: Company chooses not to provide a public response
Company response to consumer: Closed with explanation