Register of Deeds in Massachusetts Urges State to Pull Business from Bank of America

Last month, South Essex County Register of Deeds John L. O’Brien announced that he believed MERS owed the taxpayers of his county about $22 million and about $200  million statewide–that’s his estimate of the money counties in Massuchusetts lost as the result of MERS members using the electronic registry to circumvent proper recording. Now, O’Brien has written to the Massachusetts …

Bank of America Offers Legislators Secret Phone Number (Here It Is…Please Share)

Abigail Field at Daily Finance regularly presents clear, revealing analyses of the games mortgage servicers, banks and other predators in the mortgage industry play, but she outdid herself this week.  She dug into Bank of America’s effort to make life easier for the important folks by issuing a special telephone number for legislators, their families, staff and constituents reaching out …

Countrywide’s Mozilo Gets Off Easy

Earlier this week, we mentioned a Rolling Stone article that asked why Wall Street wasn’t in jail.  That article took a step toward answering that question with some harsh realities.  Now, Abigail Field at Daily Finance takes the analysis further with her in-depth report on the wholly unsatisfactory treatment of former Countrywide Financial leader Angelo Mozilo.  Mozilo, like several other architects of …

Regulator Sanctions, New Rules Too Little Too Late?

Over the past few days, several sources including Financial Feed, The Washington Post and The Street have reported that sanctions against some of the largest U.S. mortgage servicers are forthcoming, and with them “remedial requirements” designed to clean up the foreclosure process. The reports are based on the testimony of John Walsh, Acting Comptroller of the Currency, before the U.S. Senate Committee on …

Paying off Mortgage Lands Woman in Default

Sadly, this story isn’t all that surprising.  A Chicago suburban woman who decided to pay off her mortgage 24 years early in order to stop paying unnecessary interest and get clear title to her home handed over a cashier’s check for more than $60,000 (per the bank’s instructions) and soon Bank of America was threatening foreclosure. The discrepancy apparently arose …

Is Bank of America’s $10 Billion Estimate Too Low?

Ten days ago, Bloomberg reported that Bank of America, which had set aside $4.1 billion in the fourth quarter of 2010 to resolve disputes over faulty mortgages, believed that an additional $7-10 billion might be required to settle remaining outstanding claims.  CFO Charles Noski called the $7-10 billion figure the “upper range” and emphasized that the number was only a …

The Lawsuit to be Heard ‘Round the World?

Investors, including New York Life, have filed a 194-page complaint against Countrywide and Bank of America, alleging…essentially, what homeowners and consumer attorneys have been pointing out all along.  You can read an excellent summary at Mandelman Matters, but this allegation is worth spotlighting again here: Countrywide routinely failed to comply with the requirements of applicable state laws and the PSAs for valid transfers of …

BofA delays foreclosures in 23 states

You can add another bank to the list.  From AP by Alan Zibel. Bank of America is delaying foreclosures in 23 states as it examines whether it rushed the foreclosure process for thousands of homeowners without reading the documents. Bank of America ( BAC – news – people ) isn’t able to estimate how many homeowners’ cases will be affected, Dan Frahm, …

15 Texas Homeowners Sue Bank of America for Abusive Practices – Don’t Mess With Texas

Martin Andelman from Mandelman Matters writes about Texas homeowners who “don’t like getting misled, lied to, pushed around, and generally abused.” We have to win this eventually, we just have to.  We cannot just let this country deteriorate into a depressed land of inequality, lacking in opportunity, rife with corruption, besieged by poverty and dominated by a small oligarchy of …