May 30, 05:45 PM

US Supreme Court Reverses Decision, Bank of America Faces Escrow Interest Law Challenge in New York, Massachusetts

The U.S. Supreme Court overturned a decision that released Bank of America from a class action lawsuit regarding a New York escrow interest law. The court found the circuit court's ruling on the law's preemption for national banks lacking nuance. Homeowners now have another opportunity to compel large banks, including BoA, to pay interest on mortgage escrow accounts as mandated by Massachusetts law.

#Bank of America #New York #BoA #Massachusetts

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