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Who is being sued?
On July 15, 2011, the Mortgage Institute For Financial Services Professionals (MIFSP - pronounced MYFSP) and its Executive Director - Leon Morris, filed suit against Bank of America (BOA) in U.S. Federal District Court in Atlanta, Georgia.
What is the Bank of America (BoA) lawsuit about?
Consumer have a right to expect banks like other businesses that provide housing, tax or financial advice to honor their duty to refrain from engaging in anti-competitive, predatory, criminally unfair, deceptive and abusive business practices or behavior. It is also expected that a bank like any business that provides advisory services will at a minimum provide services that are objective, fair and balanced. The Mortgage Institute for Financial Services Professionals (MIFSP) alleges that Bank of America engages in anticompetitive business practices that harm MIFSP’s business but more importantly the practices are predatory, criminally unfair, deceptive, and financially abusive to consumers who need, seek, or otherwise believe that they have either gotten or can get objective, fair and balanced housing, tax and/or financial advice from Bank of America.
What is the question before the court?
Does Bank of America engage in anti-competitive, predatory, criminally unfair, deceptive, and financially abusive business practices particularly as it relates to consumers, customers and clients who need, seek, or otherwise believe that they have either gotten or can get objective, fair and balanced housing, tax and financial advice from Bank of America?
Does Bank of America engage in anti-competitive, predatory, criminally unfair, deceptive, and financially abusive business practices that among other things interfere with the constitutional rights of American consumers by denying them the opportunity to make informed housing, tax and financial decisions in their own best interest?
Do consumers have a right to access, receive, and evaluate housing, tax and financial advisory services?
What are the general facts of this case?
When adults are presented with information or advice that is objective, fair and balanced, they are in a better position to make an informed decision or choice. Consumers have a difficult time determining (as they have had no objective way of knowing) if they have gotten, get or even have access to objective, fair and balanced housing, tax and/or financial advice before, during, or after or even absent a housing, tax or financial transaction (as opposed to just a purchase) of any kind. Consumers who need and/or who seek housing, tax and/or financial advice from Bank of America [1] whether the advisory services are provided free or for a fee expect those advisory services at a minimum to be objective, fair and balanced.
MIFSP alleges among other things that Bank of America withholds material housing, tax and financial decision making information about the mortgage interest deduction from consumers during the mortgage lending process and at other times as demonstrated for example in "Rent v. Buy" and "Save in Tax" mortgage calculators.
[1] And/or other parties (banks & others businesses or individuals, etc.) that provide, offers to provide or who’s job it is to provide advisory services
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