START A PETITION 27,000,000 members: the world's largest community for good
START A PETITION
x
1,283,612 people care about Politics

Bank of America Part of Foreclosure Fraud

Bank of America Part of Foreclosure Fraud

Looks like the depths of the foreclosure fraud is truly coming to light as Bank of America, the nation’s largest bank, announced on Friday that it was putting on hold foreclosures in 23 states because of concerns that the bank used fraudulent affidavits to support kicking homeowners out of their home.

While so far the crisis has focused on group in particular, Ally Finanical, it would appear that the entire industry relied on the practice of “robo-signing”–that is, executing sworn statements detailing the circumstances warranting foreclosure despite not having any personal knowledge of the facts of the particular case.  One Bank of America executive said in a February deposition in Massachusetts that she signed as many as 8,000 foreclosure documents a month without reviewing them.  The statements were taken by lawyers representing homeowners contesting the seizure of their homes.

States are finally responding, realizing that they may be faced with thousands of homeowners using these falsified documents as a means to try and reclaim their homes.  The legal ownership of countless of properties, purchased during the foreclosure process could now be called into question nationwide.

To respond, Connecticut Attorney General Richard Blumenthal (D) announced a 60-day moratorium on foreclosures by all banks is the state.  It’s the first state to take such a measure, but one others should follow for the sake of its citizens.

California’s moratorium on foreclosures issued by Ally Financial was extended to include those by J.P. Morgan Chase.  California Attorney General Jerry Brown (D) ordered J.P. Morgan to prove it was following the law before it resumes foreclosures in the state.

Given the Bank of America announcement, it is unlikely lenders will be able to verify that their process took place free of fraud.  Quite simply, to foreclose on the number of homes as these lenders have would take hundreds of thousands of more dollars in terms of manpower to review files and verify facts.  The banks were not interested in verifying facts.  They were interested in salvaging an investment, consequences be damned.

Read more: , , , , , , , ,

photo courtesy of respres via Flickr

have you shared this story yet?

some of the best people we know are doing it

90 comments

+ add your own
5:06PM PDT on Apr 15, 2011

Thom's blog
Have they all been taken over by the pigeon robots from the planet Zenu?
More criminals are being named in Senator Carl Levin's report on the causes of the 2008 financial crisis. According to the report - executives at the bank Washington Mutual were feverishly re-selling exploding mortgages to their clients - even though they knew they were completely worthless. In a 2005 memo - Washington Mutual CEO Kerry Killinger told an executive, "I have never seen such a high-risk housing market...this typically signifies a bubble."

Yet Killinger turned around and told the Board of Directors that the bank should still hustle that junk to their investors. What's worse is that the Office of Thrift Supervision - a government agency in charge of making sure banks like Washington Mutual weren't screwing with the markets - knew exactly what was going on - they cited over 500 problems at the banks - yet failed to do a thing. Washington Mutual eventually imploded in 2008 - the largest bank failure ever in the United States - taking with it these so-called investments - and the retirement pensions of many of their clients that were invested in them. Soooo - how many Washington Mutual executives are in jail? Zero! And what about an improvement in the regulatory system?

Republicans are trying to completely defund it! Have they all been taken over by the pigeon robots from the planet Zenu?

-Thom

4:05PM PDT on Oct 20, 2010

You know what would be helpful? If you would write an article about which agencies to contact for assistance with dealing with BOA.

For example, RICO complaints are very efficient. They are required by law to respond to RICO, even if they ignore you, the consumer.

Stuff like that. Enough about how bad they are. We already know that. How can we stand up for ourselves?

9:38AM PDT on Oct 20, 2010

Boa has wronged people with home mods lied about stamps and notarys.will class action help get me my home back and pain and suffering.they were in my home way before forclosure date.no writ of possesion filed

10:31PM PDT on Oct 15, 2010

These fraudsters are the same ones that received corporate wellfare in the form of Bail Outs from taxpayers thanks to corrupt politicians, Republican & Democrat.
The Judiciary and the Criminal Justice System in general does not prosecute each of the individuals responsible for the frauds although they are knowingly criminals by intent and definition. Some artificial entities known as corporations are occassionally prosecuted with a deal usually being reached where the corporation pays off the judiciary with a nominal ammount called a penalty which is then passed straight on to the consumers that are being defrauded.
It is a scam.
Stop feeding the beasts by signing up for their cons.
Boycott the banks by managing your own finances and staying out of debt.
Do not trust fraudulent criminal organisations with your hard earned money.
The reason America is bankrupt is because the servants of the people in public office support criminal fraud.
You do not have to support either corrupt politicians or criminal fraudsters.

8:29PM PDT on Oct 5, 2010

IMPORTANT FACTS ABOUT FORECLOSURE AND MORTGAGE FRAUD

Foreclosures via DECEPTIVE and FRAUDULENT PROCEEDINGS enables repetitive, and illegal property flipping; it enables lenders to falsify IRS form 1099-A''s; it enables unscrupulous foreclosure mill lawyers (especially because of judges who purposefully abet deceit) to deceptively hold auctions and make insider bids to acquire those properties; and blighted neighborhoods. Fraudulent foreclosures ensure the success of FABRICATED BANKRUPTCY COURT 'Lift Stay motions' and false 'Proof of Claims'.

Foreclosure via fraud is the reason for illegitimate homelessness and underhanded evictions, unjustified IRS tax bills due to false 1099-A's, and unfair "Deficiency Judgments." Ironically, some people who express their anger at "deadbeats" appear to be more acceptable about the manifest fraud and criminal activity being carried out by people with credentials to practice law. Equally ironic is the reality that some people pretending to be annoyed about "deadbeats"are the actual people who are participating in real estate racketeering -fully sanctioned by the majority of courts, especially Bankruptcy Courts! *more @
http://www.lawgrace.org/2010/09/30/important-facts-about-foreclosure-and-mortgage-fraud/

5:25AM PDT on Oct 5, 2010

Marilyn, go to moveyourmoney.org.. Look for a community bank or credit union - they are better than these big guys.

11:20PM PDT on Oct 4, 2010

I have been a BofA customer for years. If there was another bank I could trust I would leave, but they are all the same. At least B of A is convienent.

2:33PM PDT on Oct 4, 2010

No surprise here. The banks didn't do their due dilligence when making these loans either.

BUT: The bigwigs got their bonuses. That is what REALLY counts...

9:43AM PDT on Oct 4, 2010

These banks engaged in an intentional attempt of fraud. The bank officers should be prosecuted for fraud and sued for negligence.

7:32AM PDT on Oct 4, 2010

My husband and I have a mortgage with BOA,formely CWide I think they are the worst Mtg representative in the country.
I actually have emails from the Loan Officer at the time we were in the process of getting our loan, telling me that my loan was goign to be a full doc loan, but I did not need to sumitt any documents, also told me not to reveal about a gift of equity just to show my bank statement, in his own words " the less we show or tell them the better" and this was a loan officer from Country wide, I actually would love to submitt these documents to an attorney and see if we can do anything with them... I am thinking to submit them to NY post and other media outlets...

add your comment



Disclaimer: The views expressed above are solely those of the author and may not reflect those of
Care2, Inc., its employees or advertisers.

Care2 - Be Extraordinary - Start a Care2 Petition
ads keep care2 free
CONTACT THE EDITORS

Recent Comments from Causes

Not surprised in the least.

I hope everyone who watches this will stop and think about the choices they make in buying cosmetics,…

ads keep care2 free



Select names from your address book   |   Help
   

We hate spam. We do not sell or share the email addresses you provide.