MOZILA CEO of Countrywide: SEC settlement 67.5 million BAC pays

It sounds as if everyone will be getting money from the fraud industry, except homeowners. Homeowners in courts across America are sometimes winning and sometimes losing. But judges regularly give homeowners the shaft when it comes to the fraud that was perpetrated on them.  Everyone is winning.  Our state received settlement out of court and the state gets millions while my friends were evicted from home and have no recourse other than to fight without a lawyer, with few funds.   Meanwhile the  obvious fraud is  dealt with and settlments reached and in this case without any admission of wrongdoing.  Go America!

Here is article found on Bloomberg about the settlement  -  BAC will be paying the majority fines.  MOZILA will pay about 22 million personally.






VIDEO on Washington Post  

BAC or Bank of America: Foreclosure Freeze is Nationwide 50 states

Statement from Bank of America Home Loans

“Bank of America has extended our review of foreclosure documents to all fifty states. We will stop foreclosure sales until our assessment has been satisfactorily completed. Our ongoing assessment shows the basis for our past foreclosure decisions is accurate. We continue to serve the interests of our customers, investors and communities. Providing solutions for distressed homeowners remains our primary focus.”  FURTHER INFORMATION  for customers:  1 800 809 0231 BOA customer 1-800 669 6607  Country Wide customer ************************************************************** MY EXPERIENCE:    I called the press line to ask question for my blog.  Left a message and await a call to answer my questions.  I called the hotline above - as a Country Wide customer.  The recording states that  they are BOA, a company that services  your home  loan.  Since I have been foreclosed and evicted last spring, I was surprised to learn that I show as active customer.  They are debt collector. And are recording my call for  quality assurance. Big surprise there, right?  I was cut off... so 2nd try.  Similar to above only there is no way around giving up your information. You must have account number or social and zip code. This time I pressed the button reflecting that  I wasn't interested in home retention division; but,   I was sent there and advised that they are debt collector.    After a few moments with representative I was transferred to the REO department. From there, I was placed on hold.   If you want to become an REO real estate person press 2.  Not me, I pressed 3 for escalation of REO.  We will see.  Another wait.... OOPS voice recording... your call was unable to be completed, please hang up and call the toll free number again.  I guess none of the choices applied to me. I think choice one was for finding REO properties, again I wouldn't' buy a foreclosed home unless deeply desperate. No thanks,  this is part of what my problem of dealing with Banks has been.  transfer, wait, transfer wait and a huge cell phone bill later!   Good Luck with your calls. If you are not evicted yet, then you will have a much better experience than me. :)

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SALT LAKE CITY, Utah (ABC 4 News) – “They’re foreclosing illegally here in Utah,” those were the words of St. George Attorney John Christian Barlow spoken in early June. Barlow at the time had appeared before a Federal Judge arguing that the Banking Giant, Bank of America, was foreclosing illegally in the State of Utah. The Southern Utah Attorney believed that because B.O.A was not a registered business or corporation in the state, they lacked authority to do business here.

Barlow had succeeded in getting a 5^th Circuit Court Judge to agree with him; as a result the judge imposed an injunction on all Bank of America foreclosures. Weeks later, the case went before a Federal Judge where B.O.A. argued that they were regulated by Federal Laws not State. Federal Judge Clark Waddoups heard case, and threw out the injunction therefore Bank of America’s foreclosure company: ReConTrust was allowed to foreclose once again.

After the decision, ABC4 got a tip about the case and started digging. Our tipster said that the Judge may have a conflict of interest in hearing the B.O.A. cases. Why? Because the Judge Waddoups old law firm represents Bank of America.

We checked into Waddoups background and the Federal Judge did work for Parr,Brown, Gee & Loveless for nearly 30 years. And Waddoups,>>>>>>>Read Full Article …ABC4

Owner of Home Sold at Auction Sues Bank

Editor note: WAtch the video and editors note at end of article !

Owner of Home Sold at Auction Sues Bank:

"The 2,600-square-foot Spanish-style house was once valued at a million dollars. But Williams fell behind on his mortgage, and turned to Bank of America for a loan modification.

'I was told I was doing everything the right way,' he says. 'I wanted to stay in the house, I wanted to keep the house -- I did everything Bank of America told me to do -- and one morning I get a call and the house is no longer there.'

Williams says the bank started working with him in September of last year, and then sold the home without telling him.

'They sold the property out from under me for $192,000 -- a million dollar property.'

Williams was given one month to move out of the home he and his family had spent 10 years working on. But Williams isn't going quietly.

He is suing Bank of America for $100 million to send a message. Wednesday in federal court, the judge ruled the case could go to trial."

KEEP READING: Owner of Home Sold at Auction Sues Bank: or see video below

KUDOS TO WILLIAMS!!!!!!!!!!!!!!

Editor note: This man was LUCKY to have this happen. BOA seldom says they help people but they do not allow everyone to actually APPLY for modification.. They weed you out by phone. If he had continued with the modifications (which are basically just lowering payments) his loan would have been modified at his current principle - now they will have to deal with the actual property value.

What happened to this man is not unusual - it is the NORMAL course of action by the servicers. Many are not even legally able to foreclose but do it anyway. This is happening to the majority of people in default. It happened to us. BOA sold at trustee sale WHILE in possession of our letter of rescission and accusation of fraud.

The foreclosure holocaust is not over. I think it will be worse in the next year than ever before. STrategic walkaways are going to find they can't obtain mortgage loans for 7 years..... What is happening in America debt wise is criminal. If Americans don't wake up and start revolting like some of our counterparts in other countries, we will end up sealing the fate of our nation.

Bank of America slapped again: Settled for 108,000,000

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This is great news for us that were hit hard by BAC. We were assessed excessive fees for drive by appraisels and they threatened property inspection by entrance to home on notice that property was vacant. Do they just MAKEUP facts? I wonder what they would have had to pay if they had not settled for 108,000,000. It sounds like a lot but is not much considering the accusations read around the net of fraud. Are the avoiding distration as it says? or something more sinister?




June 7, 2010
Bank of America to Pay $108 Million in Countrywide Case
By THE ASSOCIATED PRESS
WASHINGTON (AP) — Bank of America will pay $108 million to settle federal charges that Countrywide Financial Corporation, which it acquired nearly two years ago, collected outsized fees from about 200,000 borrowers facing foreclosure.
The Federal Trade Commission announced the settlement Monday and said the money would be used to reimburse borrowers.
Bank of America purchased Countrywide in July 2008. FTC officials emphasized the actions in the case took place before the acquisition.
The bank said it agreed to the settlement “to avoid the expense and distraction associated with litigating the case,” which also resolves litigation by bankruptcy trustees. “The settlement allows us to put all of these matters behind us,” the company said.
Countrywide hit the borrowers who were behind on their mortgages with fees of several thousand dollars at times, the agency said. The fees were for services like property inspections and landscaping.
Countrywide created subsidiaries to hire vendors, which marked up the price for such services, the agency said. The company “earned substantial profits by funneling default-related services through subsidiaries that it created solely to generate revenue,” the agency said in a news release.
The agency also alleged that Countrywide made false claims to borrowers in bankruptcy about the amount owed or the size of their loans and failed to tell those borrowers about fees or other charges.


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UTAH Judge rules against BAC: Bank of America

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Because this one hits so close to our home it grabbed my attention. UTAH JUDGE has ordered that Bank of Amercia (BAC) must stop all foreclosures in UTAH. Because this is so important and INCREDIBLE - I am simply providing an introduction below this paragraph, to the blog that brought it to my attention. The blogpost includes a visual of the judge's order and link to the TV news article. Bookmark the bloglink for future reference. This is the best news I've heard all week.

BOMBSHELL – JUDGE ORDERS INJUNCTION STOPPING ALL FORECLOSURE PROCEEDINGS BY BANK OF AMERICA; RECONTRUST; HOME LOAN SERVICING ET AL

Posted by Foreclosure Fraud on June 6, 2010 · 1 Comment

(St. George, UT) June 5, 2010 – A court order issued by Fifth District Court Judge James L. Shumate May 22, 2010 in St. George, Utah has stopped all foreclosure proceedings in the State of Utah by Bank of America Corporation, ; Recontrust Company, N.A; Home Loans Servicing, LP; Bank of America, FSB;www.envisionlawfirm.com. The Court Order if allowed to become permanent will force Bank of America and other mortgage companies with home loans in Utah to adhere to the Utah laws requiring lenders to register in the state and have offices where home owners can negotiate face-to-face with their lenders as the state lawmakers intended (Utah Code ‘ 57-1-21(1)(a)(i).). Telephone calls by KCSG News for comment to the law office of Bank of America counsel Sean D. Muntz and attorney Amir Shlesinger of Reed Smith, LLP, Los Angeles, CA and Richard Ensor, Esq. of Vantus Law Group, Salt Lake City, UT were not returned.

The lawsuit filed by John Christian Barlow, a former >>>>>> KEEP READING