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The battle is intensifying to hold Bank of America accountable for faulty foreclosures that may have scammed taxpayers out of billions is intensifying on a state level. In a lawsuit filed by the state of Arizona against the nation’s largest lender, a federal auditor says that Bank of America “significantly hindered” a review of its foreclosure practices on loans insured by the Federal Housing Administration.
William Nixon, a fraud examiner with the U.S. Department of Housing and Urban Development, accuses the bank of withholding key information and delaying the investigation. In court-submitted document filed in court June 8 but obtained by the press Monday, Nixon says that Bank of America failed to comply with subpoenas, kept his team from reviewing the bank’s documents unit, and in one instance, only supplied the watchdog unit with only one third of the records requested. At one point last year, the bank’s “reluctance” to comply with requests forced Nixon to request help from the Justice Department. A Bank of America spokesperson denied the allegations.
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