Reuters: Regulatory News: BofA defeats class certification in HAMP mortgage case

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BofA defeats class certification in HAMP mortgage case Sep 5th 2013, 14:06 Sept 5 | Thu Sep 5, 2013 10:06am EDT Sept 5 (Reuters) - A lawsuit accusing Bank of America Corp of reneging on promises to help distressed homeowners modify their mortgage loans and of driving them into foreclosure instead cannot proceed as a class action, a federal judge ruled. While saying the borrowers' claims may have merit, U.S. District Judge Rya Zobel in Boston said there are so many individual factual issues that they "cannot sensibly be adjudicated" together on a classwide basis. Zobel ruled on Wednesday in a nationwide lawsuit accusing the second-largest U.S. bank of failing to comply with the government's Home Affordable Modification Program, or HAMP.

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