Homeowners Patricia Ostolaza-Diaz and Jose Luis Diaz-Goyes had two Bank of America mortgages plus a home equity line of credit, also with Bank of America, on their Virginia home, according to court documents. They reportedly received an unsolicited call from a mortgage broker who claimed he was from Bank of America and could refinance their loans into a lower monthly payment. The broker was working with Countrywide Home Loans and allegedly knew that the new loan arrangement would result in a higher monthly obligation to the homeowners. At closing, homeowners were provided with and signed all the required disclosures and documents, including a truth-in-lending statement that accurately stated the actual post-refinance monthly payment obligations. As time went on, homeowners could ...
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