B of A Settles Data-Theft Claims

Posted by Orb Staff on August 24, 2010 No Comments
Categories : Residential Mortgage

Bank Of America has settled over two dozen lawsuits concerning the alleged theft of borrower information tied to a customer database controlled by Countrywide.

The suits, which included national class actions, claimed that Rene Rebollo Jr., a former employee of Countrywide subprime subsidiary Full Spectrum Lending, downloaded borrower information and sold the data to other lenders for use as sales leads, the Los Angeles Times reports.

Bank of America admitted no wrongdoing in settling the claims. The agreement, approved by a federal judge in Kentucky, calls for the bank to provide free credit monitoring, identity theft insurance and reimbursement for losses to as many as 17 million consumers.

SOURCE: Los Angeles Times

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