[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|
Status: Not Logged In; Sign In
Business Title: Nevada Lawsuit Shows Bank of America’s Criminal Incompetence It’s pretty remarkable that Mr. Market shrugged off the devastating implications of the amended lawsuit filed by the Nevada attorney general, Catherine Masto against various Bank of America entities. As we’ve stated before, litigation by attorney general is significant not merely due to the damages and remedies sought, but because it paves the way for private lawsuits. And make no mistake about it, this filing is a doozy. It shows the Federal/state attorney general mortgage settlement effort to be a complete travesty. The claim describes, in considerable detail, how various Bank of America units engaged in misconduct in virtually every aspect of its residential mortgage business. The case argues on two tracks: it seeks to overturn the legal shield provided by a 2008 consent decree with Countrywide, since, in simple terms, Countrywide and BofA have flagrantly disregarded it. The case argues a separate series of claims, based on the same fact set, in case the consent decree is deemed to be operative. The complaint describes abuses from the very outset of the securitization process: how borrowers were mis-sold mortgages (it describes how entire products were effectively predatory), how investors were misled as to their quality, how they were not conveyed properly to securitization trusts, how borrowers were subject to abusive servicing (as in charged improper and impermissible fees), how promises made under the old consent decree regarding mortgage modifications were violated (for instance, even though interest rate reductions were promised, instead modifications often resulted in HIGHER interest rates), and the filing of fraudulent paperwork to execute foreclosures. Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest Begin Trace Mode for Comment # 8. At 41: COUNT I - VIOLATIONS OF THE NEVADA DECEPTIVE TRADE PRACTICES ACT At 44: COUNT II - VIOLATIONS OF THE CONSENT JUDGMENT At 45: PRAYER FOR RELIEF
#5. To: nolu chan (#4) For some reason material linked to Scribd doesn't show up on my computer.
#6. To: lucysmom (#5) Let me know if this is better, or if you can at least view it at the scribd link. This is in Flash format, the previous in HTML5.
http://www.scribd.com/doc/63745572/Doc-63-Nevada-v-BoA-DCNV-3-11-cv-135-SECOND-AMENDED-COMPLAINT Doc 63 - Nevada v BoA, DCNV 3-11-cv-135, SECOND AMENDED COMPLAINT
#7. To: nolu chan (#6) Let me know if this is better, or if you can at least view it at the scribd link. This is in Flash format, the previous in HTML5. Thank you, but they don't work either. Bottom line, I think I'm gonna have to update my OS.
#8. To: lucysmom (#7) Bottom line, I think I'm gonna have to update my OS. It may be a security setting associated with your browser, security add-on, or security software. I can read these in IE9 and Firefox 6.
Replies to Comment # 8. There are no replies to Comment # 8.
End Trace Mode for Comment # 8. Top • Page Up • Full Thread • Page Down • Bottom/Latest |
|
[Home] [Headlines] [Latest Articles] [Latest Comments] [Post] [Mail] [Sign-in] [Setup] [Help] [Register]
|