The Bank of America and Saxon Mortgage corporations have settled with the U.S. Department of Justice on a settlement to halt illegal home foreclosures on active duty military families. Bank of America will provide $20 million in damages and Saxon Mortgage $2.4 million in damages to families on whom they foreclosed on. Foreclosures on active duty military families serving in the Iraq/Afghanistan area are forbidden by law unless a federal court authorizes such actions. The Department of Justice claimed that foreclosures went forward without notifying the military or the courts of their actions. Bank of America and Saxon both agreed not only to the fines and reimbursements to the families, but also to inspect bank records of any other active duty military families affected by the corporations’ illegal actions.
Read the full news release provided by the U.S. Justice Department. Click here.Share on Facebook