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Bank of America Sued for Alleged Mortgage Fraud

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posted on Dec, 19 2010 @ 11:09 AM

Bank of America Sued for Alleged Mortgage Fraud

(AP) Bank of America Corp. violated Arizona's consumer fraud law by misleading consumers who tried to reduce their mortgage payments so they could keep their homes, state Attorney General Terry Goddard said Friday as he filed a civil lawsuit against the bank.

The bank also violated the terms of a 2009 consent agreement requiring the bank's Countrywide mortgage subsidiary to implement a loan modification program, the lawsuit alleges.

(visit the link for the full news article)

posted on Dec, 19 2010 @ 11:09 AM
Uh-oh...Look's like fraud-miesters from B of A's problems are not going to go away as easily as they had hoped.

They thought cutting off payments to wikileaks would somehow keep they and all of their criminals at the top from being exposed I'm assuming, but when you keep screwing the 'little guy', guess what?

Eventually it will catch up with you.

Too big to fail? Perhaps.

But WE the people have the final say so here, as they depend on OUR money. I would advise everyone to start switching out of these mega banks, and into local banking communities, or credit unions. These folks can not be trusted, as we can see here.

And I suspect we have only seen the tip of the iceberg, as they are trying VERY hard to silence pending wikileak reports of their criminal activity...
(visit the link for the full news article)
edit on 19-12-2010 by DimensionalDetective because: Typo correction

posted on Dec, 19 2010 @ 11:15 AM
There are tons of big fraud investigations going on right now. It looks as though BofA better prepare itself for a very bumpy ride over the next few months! Lol, it's like a pincer movement going on against the banksters!

posted on Dec, 19 2010 @ 11:15 AM
reply to post by DimensionalDetective

With money being digitized we are subject to the rule of the information managers.

If we change value, currency will change with it.

B of A is one head on the hydra.

Let's start choppin.

Thanks for posting.

posted on Dec, 19 2010 @ 11:18 AM
Well don't steal from people. Don't defraud your customers them. Tough. Now lets sue ALL the rockefeller controlled banks.

posted on Dec, 19 2010 @ 11:26 AM
I imagine Fannie Mae will be next. My fiancee' and I just purchased a foreclosed home from them. It was beyond a good deal, so we did it.

However, there were several problems on the title of the house. This is because fannie Mae did not foreclose properly in the beginning. Our lawyer said " This is happening alot, and not just the companies on the news...this is rampant.".

Good. I hope they pay. Especially to the people that didnt even qualify to be foreclosed on, and lost their homes anyway. These are the same evil companies that just got a bailout, and we find out that they have been screwing people left and right.

When will The USA "get" it?

posted on Dec, 19 2010 @ 11:36 AM
HunkaHunka started a thread a few days ago on the fact that the banks had managed to miraculously not need nearly the TARP funds that had originally been allocated.

Rather than a "triumph" of saved cost, it was simply one more huge smoking gun that the banks weren't offering the loan modifications they had agreed to. The whole game was a fraud from A to Z, buying the banks precious time to rehabilitate their loan portfolios, which were in a shambles.

Obama, spokesperson for the big fraud on America, fooled a lot of people, with many homeowners choosing to believe his soothing words. Thousands then cooperated with the banks, paying out whatever they could to save their homes, when all along, the banks had intended to foreclose on them anyway.

Nice to see an article quoting an Attorney General who is actually using the correct terminology: FRAUD. It's what I have been saying for a long time now. BofA is the biggest institutionalized fraud in the country, next to the Fed itself.


posted on Dec, 19 2010 @ 02:22 PM
Another recent article, mentioning NEVADA also sueing them in the title heading as well.

Looks like things are coming to the surface quickly...

Arizona, Nevada Sue Bank of America over home loans, modifications

Arizona and Nevada are suing Bank of America Corp., claiming one of the nations largest banks engaged in mortgage fraud.

Attorney General Terry Goddard announced the lawsuit, filed in Maricopa County Superior Court, on Friday. It came after the office said hundreds of complaints have been filed against Bank of America (NYSE: BAC) and that the company violated the Arizona Consumer Fraud Act and a consent judgment from March 2009 between the state and Countrywide companies, which Bank of America owns.

Full Story:

posted on Dec, 19 2010 @ 03:07 PM
reply to post by DimensionalDetective

Things may be coming to the surface faster now, but it is far too late for the average person, who has already not just lost their homes, but in many cases lots of additional payments to the bank, made in good faith, that never would have been made had they not been duped, by bank and government.

I have a number of friends who have been dealing with these matters, and it's utterly shocking what such a fraud can do to people's lives. One case, I've mentioned before, a suicide. No, the bank will never be held accountable for that. The particular case was one of a final "straw" involving hopeless health issues, cancelled health insurance, loss of job, and yes, a bank who strung the poor family along. "Papa" finally lost it, and blew his brains out.

What's worse is that there is literally NO HELP out there for the victims. The AG of this state, or that, sure, they seem to be helping, and some years from now might achieve a settlement. Too little, too late.

You would think that with such a massive fraud going on, there would be attorney's swarming in for the kill. Why not?

I spoke to an attorney friend on Friday, who told me he knew of several very good lawyers who were well versed in these areas of practice. Only one problem: All of them worked for BANKS, and normally signed agreements not to represent anyone who might cause conflicts of interest. BUT, there might always be a young, inexperienced attorney out there who was hungry enough to take on a challenge...

Which is why we see a several-year-long record now of judges acting very irresponsibly.

Let me give an example, if you or I had sold a property, and agreed to accept payments, we would have the transaction drawn-up, and would be left holding a piece of paper that showed exactly what was agreed to.

IF the person we lent the money to stopped making the agreed-upon payments, we could sue them, and ask a judge for remedy, perhaps to enforce the contract, have the other party pay damages, even foreclose on the house, etc.

The judge will then first ask YOU, the victim here (presumably) something rather reasonable: "May I please examine the contract, which is the evidence that these people owe you a debt at all."

No problem, you hand over your paper. You were in fact ready for this, you even had guessed that the other party might demand such a thing anyway, but the judge is a sharpie, and figured he might as well get down to it.

Your claim on the other party is reviewed, hopefully upheld, and as a bonus, you retain your faith in the legal system.

NOW, what happens "if" a bank is involved? Then what?

You are now the one who is about to lose your home. Perhaps you have missed a payment or two, or perhaps you have always made every payment on time. Either way, this is a dispute after all. You request that the bank please kindly show the court that it is entitled to collect the money (and perhaps not some other entity), you might show your cleared checks that you paid them with, etc.

In this case, you have made a reasonable request, to see the Note that the bank holds, to confirm their claim against you.

But the bank says, "Your honor, we lost the Note..."

You smile, but only for a wee moment. And then you hear the hammer slam down...

The judge has ruled against YOU!!

"Get out you deadbeat! Pay the bank, or lose the home that you can't possibly afford! Now, get out of my sight!"

Well, the last bit is a bit exaggerated, for emphasis, but something similar has happened thousands of times now. You can read about it in the blogs of people who have gone through it.

There are cases where the judge has "tried" to get the bank to act responsibly. One case had the judge approve a request the Note from a bank, and the bank countered saying they would ONLY produce a "copy", refusing to produce the original. When the opposing counsel then requested that a representative of the defendant be at least allowed to go and view the actual document, the bank still refused! Judge: "Uh, well, OK. Sorry Mr. Defendant, you heard the bank. No can do...loser!"

America's banks are in a crisis, homeowners are in a crisis, the government is now looking like they facilitated bank fraud, and the entire legal system has shown itself to be a ridiculous farce.

How long can this joke go on? Media?? Rather on the silent side. Which explains the horrid lack of awareness on the issue.


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