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bank of america lawsuit

Homeowners allege bank hasn’t honored modified loan

by Moe Bedard

The Floreas’ modified mortgage payment was $584 per month. In late June 2009, the Bank of America sent a statement to the Floreas indicating their monthly mortgage payment is $924 — the initial mortgage payment amount, Legal Aid Society lawyers wrote.
The Bank of America correspondence to the Floreas also indicated they had a past due [...]

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Ohio AG Cordray Complaint Filed in Shareholder Lawsuit Against Bank of America

by Moe Bedard

(COLUMBUS, Ohio) – Ohio Attorney General Richard Cordray announced today that the Lead Plaintiff group in a securities class action lawsuit against Bank of America has filed a consolidated amended complaint.  The complaint alleges that statements made in 2008 by Defendants regarding the Bank of America merger with Merrill Lynch failed to disclose billions of [...]

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County pulls money from Bank of America over fallen soldier scandal

by Moe Bedard

Less than a week after a Bank of America employee in Gaffney removed American flags that lined a procession to honor a fallen Marine, the Cherokee County Council has decided to close their accounts with the company.
The flag flap, which happened along the funeral route for 20-year-old Lance Corporal Christopher Fowlkes and has since made [...]

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Big Trouble For Bank Of America

by Moe Bedard

Bank of America “is in serious, serious trouble now,” says St. John’s University law professor Anthony Sabino. “The judge’s rejection of the SEC settlement, which is of course rooted in the same transactions, will embolden Cuomo to attack BofA head on and get more info about just what happened at the bank when it took [...]

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Countrywide Loses Ruling in Loan Suit

by Moe Bedard

A federal judge in Manhattan has rejected an argument by Countrywide Financial seeking certain protections from investor lawsuits under new legislation intended to encourage modifications of home loans.
Countrywide, the big mortgage company, had argued that the legislation automatically voided its pledges to buy back loans from investors if those loans were modified for troubled borrowers.
Read [...]

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B of A’s CEO Ken Lewis looks like a deer in the headlights as Congresswoman Waters asks him about offshore loss mitigation efforts

by Moe Bedard

Ask any homeowner how difficult it is to speak to a live person in a loss mitigation department and here’s what they’ll tell you: next to impossible. In those rare occasions when a homeowner does get through to someone they rarely find someone on the other end, knowledgeable on the other side and understanding of [...]

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Virginia AG McGraw settles Countrywide suit

by Moe Bedard

Attorney General Darrell McGraw today settled his suit against Countrywide Financial Corporation, Countrywide Home Loans, Inc., Countrywide Home Loans Servicing, LP, and Full Spectrum Lending, Inc.
Countrywide sold subprime loans, including adjustable rate mortgages (”ARMs”) with teaser rates that were unaffordable and unconscionable to West Virginia consumers. These loans exposed consumers to foreclosure and loss of [...]

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Bill Frey and his investors will be OK. But BofA may have their day…

by Moe Bedard

“Bill Frey of Greenwich Financial – Countrywide worked out an arrangement with fifteen state attorney generals for fraudulent lending practices and they’re handing the bill to bondholders. They plead guilty and they cut a deal on hundreds of thousands of fraudulent loans that they made.
I am for loan modifications, but just not based only [...]

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Judge Rejects Countrywide Settlement

by Moe Bedard

A federal bankruptcy judge has rejected a settlement involving the Countrywide Financial Corporation, the mortgage lender, saying he was not convinced that it was fair to nearly 300 borrowers who claimed to have been hurt by the company’s abusive practices.
The settlement called for Countrywide, acquired by Bank of America last month, to pay $325,000 to [...]

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