Bank of America seeks fed venue
Bank of America is trying to get a lawsuit filed by Nevada Attorney General Catherine Cortez Masto out of state court and into federal court.
The suit, which accuses BofA of deceiving homeowners in residential loan modification and foreclosure proceedings, was filed on Dec. 17. In essence, it says the bank has been lulling homeowners into thinking they can get a modification of terms in their mortgages and then foreclosing on them anyway.
“There is a strong federal interest in ensuring that national banks are not subjected to inconsistent regulation through state tort action; that banks’ obligations under federal law are construed uniformly; and that these inherently federal issues are adjudicated in a federal forum,” BofA said in a court filing Feb. 23. The bank holds Nevada mortgages with unpaid balances of more than $30 billion.