Bank of America Employees Rewarded for Pushing Homeowners Toward Foreclosure

The affidavits of six former Bank of America employees in a Massachusetts lawsuit filed on behalf of Bank of America borrowers in several states tell an unsavory tale of systematic denials of HAMP modifications, repeated requests for information readily available in multiple systems as a delaying tactic and even bonuses and rewards for employees who tracked homeowners into foreclosure. Statements …

Bank Settlement Primarily Benefits Banks, Leaves Mortgage Fraud Victims in the Cold

The details of the national mortgage fraud settlement with Bank of America, JP Morgan Chase, CitiGroup, Ally Financial and Wells Fargo are in, and nobody is happy except the banks. Max’s initial reaction to the settlement: The reports released today by the Investigator General for HUD with respect to the five major banks involved in the settlement with the Department of …

Southern Essex District (MA) Register of Deeds John O’Brien Calls for Criminal Action against Big Banks

Salem, MA – January 18th, 2012 O’Brien calls for criminal action against the Big Banks Says they acted like “criminal enterprise” Saying that the time has come for a full scale criminal investigation, Southern Essex District Register of Deeds John O’Brien, today has sent some 31,897 of what he says are fraudulent documents that have been recorded in the Salem …

Justice for One Small Segment of Homeowners

Yesterday, 157 service members should have received letters advising them of the compensation they would receive from the Justice Department’s settlement with Bank of America over violations of the Servicemembers Civil Relief Act (SCRA).  Military personnel who were the victims of improper foreclosures while serving the nation will each receive a minimum of $116,875. The $20 million settlement is reportedly the …

Delaware v. MERS

On October 27, Delaware Attorney General Beau Biden filed suit against MERS, alleging that the registry had repeatedly violated the state’s Deceptive Trade Practices Act.  In a press release, AG Biden said: Since at least the 1600s, real property rights have been a cornerstone of our society. MERS has raised serious questions about who owns what in America. A man …

One Year Later…Nothing

It’s been a year since 50 state Attorneys General announced that they would undertake an investigation into bank foreclosure procedures. Many of us thought government regulators were a bit late to the party at that point, but since the damage was still in full swing they could still have taken meaningful action. Unfortunately, that hasn’t happened: at the one-year anniversary …

Nevada Expands Bank of America Lawsuit

ProPublica is reporting that the state of Nevada significantly increased the scope of its lawsuit against Bank of America today. Nevada’s attorney general charges that Bank of America and the now-defunct mortgage giant Countrywide acquired by the bank in 2008, deceived borrowers and investors at almost every stage of the process. According to the suit, borrowers were duped into unaffordable …

New York Attorney General Investigates Mortgage Securities Operations

New York Attorney General Eric T. Schneiderman has reportedly requested documents and information from and asked for meetings with three major banks as part of an investigation into those banks’ mortgage securities operations.  The New York Times is saying: The requests for information by Mr. Schneiderman’s office also seem to confirm that the New York attorney general is operating independently …

“MERS & Banks may have added fraud to the repertoire of services they offer”

Just one day after Guilford County, NC Register of Deeds Jeff Thigpen announced a press conference during which he would reveal the findings of his investigation into fraudulent mortgage practices, Essex Southern District (of Massachusetts) Registry of Deeds and Register John O’Brien announced that he had forwarded certified copies of 286  Bank of America’s mortgage discharges recorded with what he calls “questionable and possibly …