Bank Of America Ordered To Pay $46M Over Improper Foreclosure

Bank of America must pay $46 million for improperly foreclosing on a California couple’s home in 2010. 

U.S. Bankruptcy Court Judge Christopher Klein levied [PDF] the judgement against the bank this week, calling Bank of America’s actions in foreclosing on the couple’s home “heartless” and “brazen.”

In all, Klein ordered the bank to pay $46 million, most of which will be divvied up by law schools and consumer advocate agencies, with the couple receiving about $1 million.

Klein noted in the 107-page ruling that the fine should be enough to spur change with the bank’s mortgage practices, and not be seen as “petty cash or chump change.”

Bank Of America Ordered To Pay $46M Over Improper Foreclosure

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