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Bank of America lawsuit by by former bank employees under scrutiny of settlement watchdog

Bank of America lawsuit by by former bank employees under scrutiny of settlement watchdog

Claims by former Bank of America employees that they were offered incentives to deny mortgage modifications have caught the attention of the national mortgage settlement’s monitor.

Joseph Smith, who oversees the $25 billion settlement reached last year with 49 states and five major banks, including Bank of America, said he’s examining a lawsuit in federal court in Massachusetts for any evidence that the bank violated the agreement.

The former employees’ allegations are in affidavits filed as part of the lawsuit.

“The allegations are serious,” said Smith, who added he intends to review the court documents.

 

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