Division of Banks Orders Internet Reverse Mortgage Companies to Cease Activity in Massachusetts

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BOSTON, MA – August 29, 2011 – (RealEstateRama) — Continuing the Patrick-Murray Administration’s ongoing efforts to fight deceptive advertising practices, the Division of Banks today announced that cease activity directives had been issued to five entities for marketing reverse mortgages to Massachusetts consumers.The five companies, Eldervantage, LLC; Lender 411, LLC; Senior Reverse Mortgage Online; Reverse Mortgage Helpdesk; and Reversemortgesite, were not approved to sell reverse mortgages in Massachusetts. The actions follow similar enforcement actions the Division of Banks has taken over the past three years in the area of unfair and deceptive advertising practices.

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Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 55 million consumer and small business relationships with more than 6,100 retail banking offices, more than 18,500 ATMs and award-winning online banking with nearly 30 million active users.

Bank of America is among the world’s leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

Contact:

Colleen Haggerty
Phone: 1.213.621.7414

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