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Supreme Court gives homeowners another chance in escrow dispute with Bank of America

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Government Regulations News

Courts,General News,U.S. Supreme Court

The Supreme Court has given homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts. The court unanimously threw out an appeals court ruling in favor of Bank of America, which has refused to pay interest on money it collects to pay borrowers’ insurance and property tax bills.

WASHINGTON — The Supreme Court on Thursday gave homeowners another chance to force Bank of America and other large banks to pay interest on mortgage escrow accounts.

Thirteen other states have similar laws: California, Connecticut, Iowa, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, Oregon, Rhode Island, Utah, Vermont and Wisconsin.

 

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