Bank of America forced to pay state in foreclosure settlement

And this is another example on why the big banks are too big to fail and need to be broken up.

Vermont will be paid $1.25 million by the Bank of Canada after the big bank failed to comply with state foreclosure laws.

“There were mediation attempts and agreements reached and for some reason, one way or another, one part of Bank of America didn’t know what other parts of Bank of America were doing,” Attorney General Bill Sorrell said of the bank’s activity following the federal case. “So people were being billed for higher amounts than what was provided in the settlement.

“These sorts of issues were specifically part of the complaints that the states had and the federal government had with Bank of America and others,” he continued. “We had this national settlement that they were to reform their procedures, and at the end of the day, they didn’t do what they were supposed to do.”

Read on.

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