United States v. Bank of America N.A. d/b/a Bank of America Home Loans (W.D.N.C.)

On September 13, 2012, the United States filed a complaint and consent order in United States v. Bank of America, N.A. d/b/a Bank of America Home Loans (W.D.N.C.) The complaint based on a HUD election referral, alleges that Bank of America discriminated on the basis of disability and receipt of public assistance in underwriting and originating loans, by requiring loan applicants who receive Social Security Disability Insurance (SSDI) income to provide a letter from their doctor as part of the loan application. The consent order requires the Bank to maintain revised policies, conduct employee training and pay compensation to victims. Bank of America will pay $1,000, $2,500 or $5,000 to eligible mortgage loan applicants who were asked to provide a letter from their doctor to document the income they received from SSDI. Applicants who were asked to provide more detailed medical information to document their income may be paid more than those who were asked to have a doctor verify their source of income. In addition, the HUD complainants who initiated this suit received a total of $125,000. The consent order was entered on October 10, 2012 and later amended on December 06, 2012.