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Over the past two years, the nation's largest banks and the Obama administration have repeatedly vowed to clean up the foreclosure fraud mess. In February, banks agreed to pay $25 billion and overhaul their foreclosure processes as part of a 50-state investigation into bank wrongdoing, resulting from practices that included robo-signing.
But in Florida's Palm Beach County alone, Bank of America has sued itself for foreclosure 11 times since late March, according to foreclosure fraud activist Lynn Szymoniak, who forwarded one such foreclosure filing, dated March 29, 2012, to The Huffington Post. (A white-collar crime expert, Szymoniak was recently awarded $18 million for her work helping the government recover $95 million as a result of bank foreclosure problems in North Carolina.)
"This just strikes me as classic robo foreclosure," Professor Alan White of Valparaiso University Law School told HuffPost. White, a predatory lending expert who tracks and analyzes data on loan modifications and foreclosures, said that lawyers for the bank likely performed an electronic title search to see if any other liens on the property existed and simply wrote down the name of whatever bank came up in the search. Lawyers and paralegals who perform these tasks typically fill out dozens of such forms a day, White told HuffPost.
"It's crazy," housing data analyst Michael Olenick told HuffPost. "They shouldn't be suing themselves."
But meticulous attorneys would not ordinarily let their clients sue themselves. "It is a little bit mindless on the part of the lawyer," White said. "They don't need to sue themselves."
Originally posted by N3k9Ni
I read the article, but I don't get it. Did they do this deliberately for some reason or is this just a stupid mistake?
"We are servicing the first mortgage on behalf of an investor and we own the second mortgage," Bank of America spokeswoman Jumana Bauwens told HuffPost. "Naming the second-lien holder in the suit is necessary to eliminate the junior interest," Bauwens said.
Lynn Szymoniak, who forwarded one such foreclosure filing, dated March 29, 2012, to The Huffington Post. (A white-collar crime expert, Szymoniak was recently awarded $18 million for her work helping the government recover $95 million as a result of bank foreclosure problems in North Carolina.)
Originally posted by tw0330
the interesting thing about this entire story is that companies such as boa have insurance to cover them in cases of lawsuits.
So in otherwords they sue themselves then report it to the insurance company and receive a profit.
How would they get away with this you might ask, well I'm sure there is a partnership with the insurance company where they are scratching each others backs, especially if you have insiders who can make or break a company with the government.
The Gramm–Leach–Bliley Act (GLB), also known as the Financial Services Modernization Act of 1999, ...is an act of the 106th United States Congress (1999–2001).
It repealed part of the Glass–Steagall Act of 1933, removing barriers in the market among banking companies, securities companies and insurance companies that prohibited any one institution from acting as any combination of an investment bank, a commercial bank, and an insurance company
The new investigation set forth by the office of Benjamin M. Lawsky, the superintendent of New York State’s Department of Financial Services, will take a look at several large banks, including JPMorgan Chase, Bank of America, Citigroup and Wells Faro, to discover whether they have fraudulently steered homeowners into force-placed homeowners insurance policies.
The office has issued 31 subpoenas or other legal notices related to the case in an attempt to discover whether affiliates of banks are receiving kickbacks for agreeing to add this insurance to mortgages—or if there are other conflicts of interest between banks and insurers, such as both functioning under the same parent company.[/ex
The are suing themselves so they can screw someone else.