Bank of America Board Sued by Shareholders Over Mortgage Recording Defects

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Bank of America Board Sued by Shareholders Over Mortgage Recording Defects

Bank of America Board Sued by Shareholders Over Mortgage Recording Defects

Once again, how will the eMortgage and eNote business take off when they can’t even do these things right. This complaint probably has a lot of meat on it. Can’t wait to see it.

via BLOOMBERG

Bank of America “did not properly record many of its mortgages when originated or acquired, which severely complicated the foreclosure process when it became necessary,” according to the complaint filed today in New York state Supreme Court in Manhattan. The bank also concealed that it didn’t have adequate personnel to process the large numbers of foreclosed loans in its portfolio, the shareholders said.

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