Bank of America Corp (NYSE: BAC) Sued by Property Preservation

source:americanbankingnews.com
Bank of America Corp (NYSE: BAC) has been sued by a property preservation company on charges of deceit, fraud and breach of contract as well as unjust enrichment in a civil suit in California.

Diversified Field Services of Tustin, California, which maintains foreclosed properties for banks, says in its lawsuit that Bank of America Corp (NYSE: BAC) signed a Diversified Field Services to maintain repossessed homes in 14 states last year.

The company said that it spent more than $2 million preparing to do the work that Bank of America Corp (NYSE: BAC) contracted it to do, but that the work never came.

“Homeowners are not the only victims of this [mortgage] crisis; it extends to firms like DFS and onward to the mom-and-pop businesses who actually mow the lawns and clean the countless homes that now sit empty,” said DFS attorney Eric Goodman.