Bank of America Loan Fraud

The state of Arizona is alleging that Bank of America Corp. violated consumer fraud law by misleading consumers trying to get home loan modifications.

The bank also violated the terms of a 2009 consent agreement it signed requiring the bank’s Countrywide mortgage subsidiary to implement a loan modification program, According to the Attorney General office.

Hundreds of homeowners kept making their mortgage payments because Bank of America repeatedly assured them their loan was being modified. Instead, many lost their homes anyway, according to the Attorney General.