BofA, Morgan Stanley To Pay $22.4 Mln To Settle Military Foreclosure Charges

BofA, Morgan Stanley To Pay $22.4 Mln To Settle Military Foreclosure Charges

  • Posted Friday, May 27, 2011 -
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Financial services firm Bank of America Corp. (BAC) and Saxon Mortgage Services Inc., a subsidiary of Morgan Stanley (MS) agreed Thursday to pay a minimum of $22.4 million to settle a probe on illegally foreclosing on almost 200 active-duty military-service members without checking the military status of borrowers and without first obtaining court orders.view original article

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