BofA May Face HUD Fraud Claims for Soured Loans, Read REPORT

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BofA May Face HUD Fraud Claims for Soured Loans, Read REPORT

BofA May Face HUD Fraud Claims for Soured Loans, Read REPORT

What will happen to Angelo Mozilo?

AG’s have no idea what they are allowing to proceed in the courts, I urge them to Halt, Seize, Stop these illegal foreclosures. Bank of America is in a mad rush to get these through the court systems. Pages are missing from the filed documents to further hide the endorsed pages.

Whistle-blowers best you blow the “whistle” now!

AP-

Bank of America Corp. (BAC) should face fraud proceedings after its Countrywide unit submitted faulty data to back up claims for reimbursement on federally insured mortgages, according to an audit by a U.S. watchdog.

Half of 14 loans reviewed had “material underwriting deficiencies” concerning borrowers that resulted in more than $720,000 in losses, according to a Sept. 30 report from the Department of Housing and Urban Development’s inspector general. Kelly Anderson, a HUD regional inspector general, recommended the agency pursue legal remedies against Charlotte, North Carolina-based Bank of America, the biggest U.S. lender.

“Countrywide did not properly verify, analyze, or support borrowers’ employment and income, source of funds to close, liabilities and credit information,” Kelly wrote in the audit. “This noncompliance occurred because Countrywide’s underwriters did not exercise due diligence in underwriting the loans.”

The Federal Housing Administration, run by HUD, insures mortgages on loans to borrowers who can’t find traditional financing, such as those with low incomes. Lenders can ask the FHA to cover losses if borrowers default. The agency has stepped up scrutiny of those claims, and denials could be the next wave of expenses tied to faulty mortgages for lenders including Bank of America, FBR Capital Markets Corp. said on Oct. 3

[BLOOMBERG]

 

 

COUNTRYWIDE DID NOT COMPLY WITH HUD REPORT

 

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2 Responses to “BofA May Face HUD Fraud Claims for Soured Loans, Read REPORT”

  1. I am NOT surprised as I have documents from 2005 onward with NOT ONE signature,NO lawyer,BoA on 7/20/11 had a Notary Assigne my home to Alaska Federal Cr.Union & GET THIS I am listed & Mers,FAKE and they have been caught!Angels tell me often when to look at something and sure enough Recorder of Deeds in DE had my home mortgage satisfied 10/27/07 THEM Bank of America exert the strong arm and perform Fraud, well they paid some smuck that thinks he is an honest notary to put my name on this FARCE! ck.out judemcdonald.8697@twitpic.com Me & Mers,note item above!

  2. J. Borden says:

    I also have proof of a fraudulant reconveyance of my property to B of A. with an illegal notary signature. Upon further investigation I have found out that the notary has stated that his register was lost, This was 3 months after his comission expired. He is only guilty of a misdemeaner in Ca. Hard to believe that this lose of a document of last resort is only a misdemeaner. I am pursueing this and am going to make his life as miserable as he has made mine. I am glad that various Attorney Generals are starting to see their duty to prosecute and not cut illegal deals with the banks. My first contac was met with a returned form letter having nothing to do with my complaint, such government incompetence.

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