- BofA Borrowers Sign Confidentiality Pacts Before Getting Loan Modifications, Ariz. AG Says
BofA Borrowers Sign Confidentiality Pacts Before Getting Loan Modifications, Ariz. AG Says
Posted Jan 27, 2012 8:03 AM CST
By Debra Cassens Weiss
The Arizona Attorney General’s office is asking a judge to block confidentiality agreements signed by borrowers who get mortgage modifications from Bank of America.
One agreement is cited in court documents in Phoenix state court. It provides that the borrower "will remove and delete any online statements regarding this dispute, including, without limitation, postings on Facebook, Twitter and similar websites.” The settlements bar borrowers from revealing unflattering information about the bank, even if they are subpoenaed, according to prosecutors.
Bank of America says in court documents that the confidentiality agreements are not a requirement, and settlement agreements with consumers are “standard fare.”