A federal bankruptcy court judge in California recently ordered Bank of America to pay a stunning $46 in damages after a years-long foreclosure nightmare that literally pushed one couple to the brink of death.
The bulk of that $46 million will go toward public law schools and consumer attorney organizations to help fight back against similar abuses in the future.
In the ruling, Bankruptcy Judge Christopher M. Klein admonishes the top brass at the bank – not lower-tier workers. Further, the ruling is being interpreted as a sharp condemnation of the failure of government to police these types of interactions and protect homeowners – even though banks should have been vulnerable to legal action on a massive scale for the actions leading to the foreclosure crisis and those that followed thereafter. Continue reading