The court fined Bank of America $ 45 million for "heartless" treatment of debtors - ForumDaily
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The court fined Bank of America $ 45 million for the "heartless" treatment of debtors

Фото: Depositphotos

Фото: Depositphotos

A bankruptcy court in Sacramento, California, ordered Bank of America pay a $ 45 million fine for the hasty removal of a family home and threats to family members of debtors.

Most of the fine will go to consumer protection organizations, and those affected by the actions of the bank Eric and Rene Sandquisty will receive $ 1,1 million in compensation, reports News.ru.

The court decision states that in the process of restructuring mortgage debt, the bank mistakenly bought the house of the Sandquist family, leaving them “in a state of exhaustion from the struggle and demoralization.”

According to the judge, the bank acted "inconsiderately" and "heartlessly."

Family problems with the bank began in 2008, when Eric and Rene lost their construction firm due to the financial crisis and were forced to move to a cheaper house, taking a loan of $ 590 thousand from a bank that was later absorbed Bank of America. When filling out the documents, they were promised the possibility of reducing monthly payments, since the initial rate in 6% was rather high for the US credit market.

However later Bank of America refused to change the terms of lending, until March 2009, the Sandquists made payments on time, but after the bank refused to reconsider the transaction, they stopped paying the loan, not wanting to lose money due to an overvalued rate. They sent requests for renegotiation of terms and restructuring to the bank around 20, but time after time the bank lost requests, declared them incomplete or required re-direction without explanation.

In June 2010, at the filing of the bank, Sandquists filed for bankruptcy, which should have been a step towards mortgage restructuring. but Bank of America on the restructuring did not go and removed the family housing.

According to the law, a statement on the bankruptcy of individuals stops the process of withdrawing and selling housing for overdue mortgages, but the bank did not stop these rules: he demanded clients to move out of the house within 3 days, while pursuing a couple, terrorized one of her children and forced the family to panic leave the house.

As a result, Rene was hospitalized with a heart attack, while Eric tried to commit suicide.

The bank must pay the principal amount of the fine in favor of law schools and consumer protection organizations in the United States, and the family of victims will receive $ 1,1 million as moral and material compensation. At the same time, a part of the amount of the Sundquists will have to be sent to pay off the remaining debt.

The bank stated that it considers the court decision unfounded and is considering retaliatory steps.

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