Just in case you needed a reminder that Bank of America was and is a horrible company — they’re finally paying up for foreclosing on the homes of service members while they were serving in the Iraq War.
(Reuters) – Members of the U.S. military whose homes were unlawfully foreclosed upon between 2006 and 2010 will receive about $39 million from subsidiaries of Bank of America and Morgan Stanley, the U.S. Justice Department announced on Thursday.
Each of 316 service members will receive at least $116,785, plus compensation and with interest, for any home equity lost. [...]
The Justice Department is overseeing audits of the country’s five largest mortgage servicers – Wells Fargo, Bank of America, Citibank, JP Morgan Chase and Ally – to identify violations of the Servicemembers’ act foreclosure provisions between Jan. 1, 2006 and April 4, 2012.
If it weren’t for Attorney General Eric Holder and the Department of Justice, you can bet Bank of America would not have had a sudden change of heart and decide to compensate veterans on their own.
They had to be forced.