GLOBAL SUB-PRIME CRISIS

BANKILEAKS

Click on our Secret Library of Evidence ------>

    BANKILEAKS Secret Library

Loan Application Forms (LAF's)  

    Bank Emails to Brokers  

    Then Click on 'VIEW NOTEBOOK'

Join us on facebook
 

facebook3           facebook2 

BFCSA
MORTGAGE
DISTRESS SOS

What BFCSA Does...

BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

Visitors

Articles View Hits
704891

Whistleblowers' Corner!

To all mortgage brokers, BDMs and loan approval officers! 
Pls Call Denise: 0401 642 344 

"Confidentiality is assured."

Cartoon Corner

Lighten your load today and "Laugh all the way to the bank!"

Lee Doyle

Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

Click on the Cluster Map.

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Login
    Login Login form

BoA: Saving America One Homeowner at a Time ~ "tell them their dreaming"

Posted by on in Consumers Fight Back
  • Font size: Larger Smaller
  • Hits: 1694
  • 0 Comments
  • Print

"Bank America further represented to consumers that they would not be penalized for failing to make mortgage payments or any property-related payments, & indeed, told the consumers that it is beneficial for consumers to fall further behind in their payments because that will “make it easier” to modify the unreasonable adjustable loans. Instead, the moment that consumers fell 3months in arrears (as ordered by the bank) the bank immediately began foreclosure proceedings by filing notice of defaults & backing consumers into a corner with zero options & at the mercy of the lender. These types of foreclsore practices are illegal & unethical.

The lawsuit further alleges that BoA directly & intentionally harmed the credit rating of consumers & otherwise engaged in wrongful behavior designed to take from consumers their property, their credit rating & their dignity." 

 
BofA/Countrywide Sued for Illegal Foreclosures Practices

Saving America One Homeowner at a Tim

Post image for BofA/Countrywide Sued for Illegal Foreclosures Practices

byTONYonAUGUST 24, 2009

Bank of America Corp., which acquired Countrywide Financial Corp., is being sued for unfair competition andunfair trade practices for violating consumers rightsin a lawsuit  in the Los Angeles complex litigation department in the tune of$500,000,000.The case is Paul Ronald et. al.  v. Bank of America Corporation et. al.  case number BC409444.

The California legislature passedSenate Bill 1137(known as Code of Civil Procedure, Section 2923.5) on July 8, 2008 toforce and compel lenders and their agents, trustees and beneficiaries – with respect to all residential home loans made to California consumers between January 1, 2003 to December 31, 2007, to proceed with a series of detailed steps to avoid foreclosureprior tofiling a Notice of Default and taking consumers property. Additionally, the federal government offered stimulus money to each lender to help with the foreclosure crisis.

It is alleged in the lawsuit that Bank of America/Countrywide did not and does not want to carry out the intent of the California legislature and the federal government. For example, in an amazing instance, Bank of America/Countrywide has caused to be filed a Notice of Default against a consumer who did not miss any payments justifying the issuance of any default notification whatsoever.

Additionally,thousandsof consumers were allegedly told by Bank of America/Countrywide employees and/or agents that they will all have to “wait” in order to be allowed to modify their loans.  Bank of America/Countrywide further represented to consumers  that they would not be penalized for failing to make mortgage payments or any property-related payments, and indeed, told the consumers that it is beneficial for consumers to fall further behind in their payments because that will “make it easier” to modify the unreasonable adjustable loans.  Instead, the moment that consumers fell three months or more in arrears (as ordered by the bank) thebank immediately began foreclosure proceedings by filing notice of defaults and backing consumers into a corner with zero optionsand at the mercy of the lender. These types of foreclsore practices are illegal and unethical.

The lawsuit further alleges that Bank of America/Countrywide directly and intentionally harmed the credit rating of consumers and otherwise engaged in wrongful behavior designed to take from California consumers their property, their credit rating and their dignity.

As more and more of these illegal foreclosure practices are uncovered by our justice system, we will have the ability to educate the American people, and helpsave many homeowners from losing their American Dream.

Please join us to get the word out about the unfair and illegal foreclosure practices by commenting to this blog and sharing it with your friends, neighbors and co-workers.

If you, or someone you know, have a BofA/Countrywide loan that was made between January 1, 2003 to December 31, 2007, and are interested in joining the lawsuit, contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. 

Last modified on
Rate this blog entry:

Comments

  • No comments made yet. Be the first to submit a comment

Leave your comment

Guest Thursday, 28 May 2020