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Should the Courts Appoint an Equitable Receiver for Bank of America?

Should the Courts Appoint an Equitable Receiver for Bank of America?


The path of economic interest is strewn with casualties, what some analysts call collateral damage. In this issue, we look at the who is looking out for whom and ask the question of whether or not something other than the relatively narrow interests of central government and corporate management need to be taken into account in the greater scheme of restoring confidence in the financial system. — D.S.

First we send kudos to the Federal Reserve Board for approving the acquisition of a UT based industrial lender by Green Dot Corp, as reported by American Banker. It is long past time for the Fed to encourage the entry of new capital investment and management talent into the banking sector. “Green Dot’s dominant partner is Wal-Mart Stores Inc., which is also a shareholder and relies on Green Dot to help run its own prepaid cards,” American Banker’s Dean Anason reports.

Now federal regulators, however, face the near certainty that another large industrial corporation will challenge the non-bank moratorium that has been in effect, illegally, at the FDIC for many years. We repeat our call for Congress to repeal the ownership restrictions in the Bank Holding Company Act.

[THE INSTITUTIONAL RISK ANALYST]

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BofA Clash With Fannie Mae Escalates Over Loan Buyback Stance

BofA Clash With Fannie Mae Escalates Over Loan Buyback Stance


Bloomberg-

Bank of America Corp. (BAC) told Fannie Mae it refuses to cooperate with the U.S. mortgage firm’s new stance on loan buybacks, setting the lender up for a potential surge in claims and penalties.

The bank is disputing Fannie Mae’s demand that lenders repurchase mortgages or cover any losses themselves if an insurer drops coverage, Bank of America said this month in a regulatory filing. The lender, ranked second by assets among U.S. banks, said it “does not intend to repurchase loans” under what it deems to be new rules, and the refusal may trigger penalties or other sanctions.

[BLOOMBERG]

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BofA Threatens Foreclosure Over Missing $1 From Already-Sold Home

BofA Threatens Foreclosure Over Missing $1 From Already-Sold Home


This isn’t the first and afraid not going to be the last

HuffPO-

How could a home be repossessed when it’s no longer in the homeowner’s possession? One family in Utah asked itself the same question.

Shantell Curtis and her family were threatened with foreclosure months after they had sold their Vernal, Utah house. What’s more, the problem revolved around a single dollar, Connect2Utah.com reports (h/t The Consumerist). Months after the Curtises sold and moved out of the home in August of last year, their lender, Bank of America, reportedly sent them a foreclosure notice.

Bank of America claimed the family owed months of missed mortgage payments, before realizing a $1 coding error had held up the Curtises’ title transfer. While BofA has taken months to resolving the issue, the Curtises’ credit report has taken a beating since then.

[HUFFINGTONPOST]

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California reportedly subpoenas BofA over toxic securities

California reportedly subpoenas BofA over toxic securities


Me thinks this just sunk the Foreclosure Fraud Settlement ship!

California is trying to determine whether BofA and its Countrywide Financial subsidiary sold investments backed by risky mortgages to investors in California under false pretenses, a source says.

Oh Hella Yeah…they did & They everyone knows this!

La Times-

Investigators with the state attorney general’s office have subpoenaed Bank of America Corp. in connection with the sale and marketing of troubled mortgage-backed securities to California investors, according to a person familiar with the probe.

The state is trying to determine whether the bank and its Countrywide Financial subsidiary sold investments backed by risky mortgages to institutional and private investors in California under false pretenses, according to the person, who was not authorized to speak publicly and requested confidentiality.

The subpoenas, which were served Tuesday…

[LA TIMES]

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BofA, Wells Fargo, Citigroup Left TARP Early To Avoid Restrictions On Executive Pay

BofA, Wells Fargo, Citigroup Left TARP Early To Avoid Restrictions On Executive Pay


Same characters, continuing with rewarded favors.

HuffPo-

In the wake of the financial crisis, a number of the nation’s largest banks were excused from the government’s rescue program before they had returned to a position of complete financial security — in part because they wanted to avoid restrictions on how much their executives would get paid, according to a new report from the program’s government overseer.

Citigroup, Wells Fargo, PNC and Bank of America successfully lobbied to leave the federal bailout program early in 2009, even though the Federal Reserve Board and the Federal Deposit Insurance Corporation had recommended they take additional steps to shore up their assets, according to a new report from the Special Inspector General for the Troubled Relief Asset Program, a government watchdog office.

[HUFFINGTON POST]

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BofA, Wells Fargo Downgraded by Moody’s

BofA, Wells Fargo Downgraded by Moody’s


Bloomberg-

Bank of America Corp. (BAC) and Wells Fargo & Co. had their long-term credit ratings downgraded by Moody’s Investors Service, citing a decreasing probability that the U.S. would support the lenders in an emergency. Citigroup Inc.’s short-term rating also was cut.

[Bloomberg]

 

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Bankruptcy for Countrywide or Liquidation for BofA?

Bankruptcy for Countrywide or Liquidation for BofA?


Abigail C. Field

The LATimes reported that Brian Moynihan wouldn’t rule out bankruptcy for Bank of America. Chris Whalen urged the bank to go bankrupt. Now rumors are swirling that BofA will try to dodge all Countrywide’s lawsuit liability by putting Countrywide into bankruptcy, saving BofA in the process.

Whether BofA succeeds in ducking Countrywide’s liabilities depends mostly on one question: will the bankruptcy court apply Delaware law, which prizes form over substance, or law like New York or California’s, which looks at substance over form? That choice of law factor is what got BofA off the hook of Countrywide liability in one case, and left it on the hook in another, as detailed by Isaac Gradman at the Subprime Shakeout.  And if you think about it, the idea is incredibly galling.

[REALITY CHECK]

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Chris Whalen: Bank Of America Should Declare Bankruptcy

Chris Whalen: Bank Of America Should Declare Bankruptcy


It’s beginning to sound a lot like Lehman! Massive layoffs probably coming soon…

BUSINESS INSIDER-

Bank of America has over $100 billion in mortgage liabilities, says Chris Whalen Co-founder of Institutional Risk Analytics.

On a web broadcast published on KingWorldNews, he advocates “the classical American way of dealing with this problem”– complete and total restructuring through Chapter 11. Before its too late.

He says, “The only sane way of fixing this and I mean fix it so that Bank of America comes out of the process restructured, ready to support growth, support leverage, is a classic chapter 11…”

His point: Countrywide’s bond trusts are worthless, were never properly constructed, and don’t protect investors at all. Bank of America is on the hook for all of that, and while its subsidiaries are well capitalized, the parent company is bust. The only thing to do to fix this problem is to unmake $100s of billions worth of bond contracts.

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Hagens Berman Announces Securities Investigation Of Bank Of America

Hagens Berman Announces Securities Investigation Of Bank Of America


Hagens Berman Sobol Shapiro LLP today announced that it is investigating concerns by hedge funds and institutional investors who believe Bank of America Corp. (NYSE: BAC) may have failed to disclose to investors the risk associated with a $10 billion lawsuit threat from American International Group (“AIG”) (NYSE: AIG).

According to reports, AIG invested in billions of dollars of mortgage-backed securities sold by Bank of America prior to the housing collapse. In January 2011, after analyzing data from hundreds of thousands of loans, AIG reportedly informed the bank that it felt the risk of the securities had been misrepresented and was prepared to sue the banking giant for more than $10 billion.

Hagens Berman is investigating whether Bank of America failed to disclose fully the risks of its dispute with AIG. According to media reports, the bank did not mention the threat of the lawsuit in its quarterly regulatory filing, which was issued four days before AIG’s lawsuit was filed.

“We believe that Bank of America knew, or should have known, that its dispute with AIG represented a significant risk for investors,” said Partner Reed R. Kathrein, who is leading the firm’s investigation from its San Francisco office. “If the company did indeed fail to disclose such a risk, it could represent a major breach of the securities laws.”

On August 8, 2011, after several months of negotiations, AIG filed its lawsuit. Bank of America shares fell sharply, losing 20 percent of their value.

Institutional investors and others who purchased Bank of America common stock between May 5, 2011 and August 8, 2011, and who have losses exceeding $1,000,000 as a result of BAC’s stock drop on August 8, 2011, are encouraged to contact the firm. Reed R. Kathrein can be reached at (206) 623-7292 or via email at CCME@hbsslaw.com. Investors can also learn more about this investigation at www.hbsslaw.com/BACsecurities.

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U.S. Bancorp Sues BofA’s Countrywide, Claims Mortgage Pool Contract Breach

U.S. Bancorp Sues BofA’s Countrywide, Claims Mortgage Pool Contract Breach


Obviously there aren’t many days when I wake up and think positively about the Countrywide acquisition in 2008,” said Brian Moynihan during a conference call arranged by Fairholme Capital Management, one of the bank’s biggest shareholders. 8/2011

Bloomberg-

U.S. Bancorp asked a New York court to force Bank of America Corp. (BAC)’s Countrywide Financial unit to repurchase more than 4,000 loans in a mortgage pool to repair breaches of contract related to improper underwriting.

U.S. Bancorp, Minnesota’s largest bank, sued Countrywide yesterday in state court in New York, saying the lender agreed when it sold the pool in 2005 that it would repurchase all the loans within 90 days of receiving notice of a material breach. U.S. Bancorp is trustee for HarborView Mortgage Loan Trust 2005- 10, which held the pool. The pool’s original value was $1.75 billion, the bank said in court papers.

[BLOOMBERG]

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REUTERS Exclusive: Bank of America kept AIG legal threat under wraps

REUTERS Exclusive: Bank of America kept AIG legal threat under wraps


(Reuters) –

Top Bank of America Corp lawyers knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with the matter.

Bank of America shares fell more than 20 percent on August 8, the day the lawsuit was filed, adding to worries about the stability of the largest U.S. bank. It wasn’t until Warren Buffett stepped up with a $5 billion investment that those fears were eased, though hardly eliminated.

[REUTERS]

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Bank of America Uses Attack Dog to Smear NY AG Schneiderman

Bank of America Uses Attack Dog to Smear NY AG Schneiderman


By: David Dayen

I could barely suppress a laugh when reading about Bank of America CEO Brian Moynihan begging Tim Geithner to settle the foreclosure fraud issue so they can get out from under their liability. As Yves Smith points out, if Tim Geithner had the power to get Bank of America out of their mess, he surely would have done it by now, before their stock dipped 36% in the last three weeks. Geithner simply doesn’t have jurisdiction over state courts, where many judges are simply not going to allow foreclosures when standing to foreclose cannot be proven (Moynihan apparently distinguished on a conference call between “states where foreclosure can take place” and “states where foreclosure is going through very slowly,” and he might as well have been distinguishing between states that respect the rule of law and states that don’t). Geithner may try, but he cannot compel Attorneys General in both parties to settle for pennies on the dollar and relinquish all of their liability for consumer protection violations and fraud upon state courts. He cannot influence investors who see a giant meal ticket in the form of forcing big banks to repurchase faulty mortgage backed securities. If there was a magic bullet in this debacle, it would already have been fired.

[FDL]

image: promotionalpromo

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BAC Home Loans Servicing, LP, filed a Notice of Cancellation with the Florida Department of State stating it was no longer transacting business in Florida

BAC Home Loans Servicing, LP, filed a Notice of Cancellation with the Florida Department of State stating it was no longer transacting business in Florida


Mortgage Fraud

BAC Home Loans Servicing, LP

Bank of America

Action Date: August 11, 2011
Location: Tallahassee, FL

On July 11, 2011, BAC Home Loans Servicing, LP, filed a Notice of Cancellation with the Florida Department of State stating it was no longer transacting business in Florida.

From July 11, 2011 to August 11, 2011, this company initiated hundreds of foreclosure actions throughout Florida, filing 76 Lis Pendens in Palm Beach County; 61 Lis Pendens in Hillsborough County; 35 Lis Pendens in Lee County; and 107 in Broward County.

It will come as a real surprise, no doubt, to the hundreds of people in Florida who have been sued for foreclosure by BAC Home Loans Servicing, LP, in the past 30 days that they are “no longer conducting business in Florida.”

© 2010-15 FORECLOSURE FRAUD | by DinSFLA. All rights reserved.



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Bank of America – You’ve Been Foreclosed – The Daily Show w/ John Stewart

Bank of America – You’ve Been Foreclosed – The Daily Show w/ John Stewart


Monday August 8, 2011

The Forecloser

John Oliver gets the scoop on a Florida couple and rookie lawyer who foreclosed on Bank of America and turns their incredible story into a movie.

Based on the true story of the Florida couple who had no mortgage and paid cash on their home.

[Click Image Below]


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COMPLAINT | AIG vs. BANK OF AMERICA (BAC) “Massive Fraud”

COMPLAINT | AIG vs. BANK OF AMERICA (BAC) “Massive Fraud”


SUPREME COURT OF THE STATE OF NEW YORK
COUNTY OF NEW YORK

AMERICAN INTERNATIONAL GROUP,
INC., AIG SECURITIES LENDING
CORPORATION, AMERICAN
GENERAL ASSURANCE COMPANY,
AMERICAN GENERAL LIFE AND
ACCIDENT INSURANCE COMPANY,
AMERICAN GENERAL LIFE
INSURANCE COMPANY, AMERICAN
GENERAL LIFE INSURANCE
COMPANY OF DELAWARE,
AMERICAN HOME ASSURANCE
COMPANY, AMERICAN
INTERNATIONAL GROUP
RETIREMENT PLAN, CHARTIS
PROPERTY CASUALTY COMPANY,
CHARTIS SELECT INSURANCE
COMPANY, CHARTIS SPECIALTY
INSURANCE COMPANY, COMMERCE
AND INDUSTRY INSURANCE
COMPANY, FIRST SUNAMERICA LIFE
INSURANCE COMPANY, LEXINGTON
INSURANCE COMPANY, NATIONAL
UNION FIRE INSURANCE COMPANY
OF PITTSBURGH, PA, NEW
HAMPSHIRE INSURANCE COMPANY,
SUNAMERICA ANNUITY AND LIFE
ASSURANCE COMPANY,
SUNAMERICA LIFE INSURANCE
COMPANY, THE INSURANCE
COMPANY OF THE STATE OF
PENNSYLVANIA, THE UNITED STATES
LIFE INSURANCE COMPANY IN THE
CITY OF NEW YORK, THE VARIABLE
ANNUITY LIFE INSURANCE
COMPANY, and WESTERN NATIONAL
LIFE INSURANCE COMPANY,

Plaintiffs,


against-

BANK OF AMERICA CORPORATION,
BANC OF AMERICA SECURITIES LLC,
BANK OF AMERICA, NATIONAL

ASSOCIATION, BANC OF AMERICA
FUNDING CORPORATION, BANC OF
AMERICA MORTGAGE SECURITIES,
INC., ASSET BACKED FUNDING
CORPORATION, NB HOLDINGS
CORPORATION, MERRILL LYNCH &
CO., INC., MERRILL LYNCH
MORTGAGE LENDING, INC., FIRST
FRANKLIN FINANCIAL
CORPORATION, MERRILL LYNCH
MORTGAGE CAPITAL INC., MERRILL
LYNCH CREDIT CORPORATION,
MERRILL LYNCH, PIERCE, FENNER &
SMITH INC., MERRILL LYNCH
MORTGAGE INVESTORS, INC.,
COUNTRYWIDE FINANCIAL
CORPORATION, COUNTRYWIDE
CAPITAL MARKETS LLC,
COUNTRYWIDE HOME LOANS, INC.,
COUNTRYWIDE SECURITIES
CORPORATION, CWABS, INC.,
CWALT, INC., CWHEQ, INC., and
CWMBS, INC.,

Defendants.

via: ZeroHedge

[ipaper docId=61867007 access_key=key-2bxzujbxqv9bho918llg height=600 width=600 /]

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Federal Bank Regulators Scrutinizing Mortgage Lawsuits Against Banks, Opening New Worry For Investors, Bankers

Federal Bank Regulators Scrutinizing Mortgage Lawsuits Against Banks, Opening New Worry For Investors, Bankers


HuffPO-

WASHINGTON — Federal bank regulators are scrutinizing more than 150 home loan-related lawsuits directed at lenders and mortgage companies, a top official at the Federal Deposit Insurance Corporation plans to say Thursday, underscoring the threat the largest U.S. banks face from faulty and improper mortgage and foreclosure practices.

The revelation will likely add to large banks’ woes, as the five biggest servicers — Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — currently face up to $30 billion in penalties from state attorneys general and federal agencies for wrongful foreclosures and other mortgage-related misdeeds.

Continue reading [HUFFINGTONPOST]

[ipaper docId=59494826 access_key=key-1lt0129qogynaedlq4lt height=600 width=600 /]

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Utah Class Action Lawsuit alleges “THOUSANDS OF ILLEGAL UTAH FORECLOSURES”, Lawyers for Bank of America and ReconTrust sued

Utah Class Action Lawsuit alleges “THOUSANDS OF ILLEGAL UTAH FORECLOSURES”, Lawyers for Bank of America and ReconTrust sued


Salt Lake City, UT (UTAH NEWS) July 5, 2011

The Salt Lake City-based law firm Mumford West & Snow, LLC , today announced the filing of a class action lawsuit against the lawyers for Bank of America and its wholly own subsidiary ReconTrust, N.A. for conducting thousands of unauthorized foreclosures in the state. The lawsuit, filed in Utah’s Third Judicial District, is the latest development in an intense, ongoing legal battle in a state where the Utah legislature has recently enacted new civil penalties to assist aggrieved homeowners fighting illegal foreclosures and Utah’s Attorney General, Mark Shurtleff, publicly announced that ReconTrust was not in compliance with Utah law.

Lead counsel Marcus R. Mumford explained, “These parties have demonstrated a long standing pattern of illegal activity in taking thousands of homes from Utah homeowners in unauthorized foreclosures. They continue to kick people out of their homes claiming that they are not required to follow Utah law. We intend to put a stop to that.”

The lawsuit, now before Utah Third District Judge Andrew H. Stone, is the first class action suit filed after the recently enacted changes to Utah law. Attorney Tyson B. Snow explains, “We recently met with the Utah Attorney General’s office on this issue and it is our understanding that one of the purposes of the new law is to encourage this very type of lawsuit.” Mumford West & Snow attorneys also intend to seek a statewide restraining order and a preliminary injunction prohibiting the named defendants from conducting any additional foreclosure sales within the state.

Utah’s new law awards $2,000 or actual damages, whichever is greater, and attorney’s fees to homeowners who have been subject to an unauthorized foreclosure conducted by “unauthorized persons.” In the past month, ReconTrust has foreclosed on approximately 200 properties and currently has more than 800 foreclosure sales scheduled in the coming months. The newly filed lawsuit alleges that lawyers for Bank of America and ReconTrust violate Utah law each time they conduct these foreclosure sales. Utah homeowners who have been foreclosed on by ReconTrust or who may currently be facing a wrongful foreclosure can contact Mumford West & Snow through the firms website at http://www.mumfordwest.com

_______________________________

Mumford West & Snow (www.mumfordwest.com) is a Salt Lake City based firm that specializes in representing entrepreneurs, businessmen, executives and individual clients, in Utah and around the country, in complex civil and criminal litigation. The firm handles both defense work and plaintiff’s litigation for clients ranging from individuals and small enterprises to major corporations.

Mumford West & Snow has been called “one of Salt Lake City’s leading new firms in high-profile litigation.”


###


If you’d like more information about this release, or to schedule an interview with an attorney at Mumford West & Snow, please call 801-599-0020 or email contact@mumfordwest.com.

source: www.mumfordwest.com

[ipaper docId=59494223 access_key=key-v77ajfs9li0tswebqz5 height=600 width=600 /]

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Disabled Man Buys House With Cash, Bank of America Almost Forecloses

Disabled Man Buys House With Cash, Bank of America Almost Forecloses


Here we go…again


Sacramento Bee-

Kamal Sharma almost lost his house in a foreclosure auction the other day. The funny thing is: He doesn’t even owe any money on it.

Sharma’s story – an extreme case even in Sacramento’s chaotic real estate market – shows that lenders continue to make foreclosure mistakes despite extensive publicity and promises to fix problems, which include sloppy paperwork and communication breakdowns.

“There are a lot of people that have been wrongly foreclosed upon,” said Kevin Stein, associate director of the San Francisco-based California Reinvestment Coalition.

Continue reading [SACRAMENTO BEE]

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JPMorgan, BofA quietly modify loans to borrowers who have not asked for help

JPMorgan, BofA quietly modify loans to borrowers who have not asked for help


Sierra Vista Herald-

As millions of Americans struggle in foreclosure with little hope of relief, big banks are going to borrowers who are not even in default and cutting their debt or easing the mortgage terms, sometimes with no questions asked.

Two of the nation’s biggest lenders, JPMorgan Chase and Bank of America, are quietly modifying loans for tens of thousands of borrowers who have not asked for help but whom the banks deem to be at special risk.

Rula Giosmas is one of the beneficiaries. Last year she received a letter from Chase saying it was cutting in half the amount she owed on her condominium.

Continue reading [THE SIERRA VISTA HERALD]

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New York Attorney General Steps Up Probe Into BofA-Merrill Disclosures, Seeks Depositions

New York Attorney General Steps Up Probe Into BofA-Merrill Disclosures, Seeks Depositions


WSJ-

Another headache from the financial crisis is flaring back up for Bank of America Corp.

New York state Attorney General Eric Schneiderman has issued subpoenas seeking new depositions from the Charlotte, N.C., bank’s chief executive and other current and former executives, according to people familiar with the situation.

The subpoenas are a sign that Mr. Schneiderman, who became New York’s top law-enforcement official this year, doesn’t intend to drop the civil-fraud investigation of Bank of America begun more than a year ago under predecessor Andrew Cuomo.

Mr. Cuomo, now the governor of New York, accused Bank of America, former Chief …

Continue reading [WALL STREET JOURNAL]

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Smith v. Secretary of Veterans Affairs | AL Court of Civil Appeals “BofA Affidavit, Testimony Fail”

Smith v. Secretary of Veterans Affairs | AL Court of Civil Appeals “BofA Affidavit, Testimony Fail”


Frank S. Smith, Jr.,
v.
Secretary of Veterans Affairs, an officer of the United States of America.

No. 2100194.

Court of Civil Appeals of Alabama.

June 24, 2011.

EXCERPT:

The Secretary moved for a summary judgment, asserting that, as a matter of law, he was entitled to possession of the house because, he said, he owned legal title to the house by virtue of the auctioneer’s deed. In support of his motion, the Secretary submitted an affidavit signed by Scott Hiatt, which stated:

“My name is Scott Hiatt, and I am Assistant Vice President and Attorney in Fact for Bank of America, N.A. In my employment capacity, I am personally familiar with the account of Frank S. Smith, Jr. and Juliet L. Smith ….

“On February 22, 2007, Plaintiff, Bank of America, N.A., sold at foreclosure the following real property located in Jefferson County, Alabama:

“[legal description of the house];

“Pursuant to power of sale contained in a promissory note and mortgage executed by Frank S. Smith, Jr. and Juliet L. Smith dated December 29, 1998, to and in favor of Franklin American Mortgage Company by instrument recorded in … the records in the Office of the Judge of Probate, Jefferson County, Alabama, which mortgage was subsequently assigned to The Secretary of Veterans Affairs, an Officer of the United States of America by instrument recorded … and re-recorded in … the said Probate Court Records.

“Frank S. Smith, Jr. and Juliet Smith defaulted in the payments of said indebtedness and the Secretary of Veterans Affairs commenced foreclosure with written notices to Frank S. Smith, Jr. and Juliet Smith and due newspaper publication in The Alabama Messenger.

“Said real property was sold at foreclosure February 22, 2007, for a successful bid of $66,097.50, paid by The Secretary of Veterans Affairs, Purchaser. Frank S. Smith, Jr. and Juliet Smith were notified of said foreclosure sale by letter dated February 28, 2007, sent by certified mail of the foreclosure proceeding and [Frank S. Smith and Juliet Smith] were given ten (10) days to vacate said property.”

(Emphasis added.) Along with Hiatt’s affidavit, the Secretary submitted an uncertified copy of the mortgage; uncertified copies of the subsequent assignments of the mortgagee’s rights under the mortgage, which included an assignment to the Secretary; an uncertified copy of the auctioneer’s deed; an unauthenticated copy of an affidavit by the publisher of the Alabama Messenger; and an unauthenticated copy of a letter dated February 28, 2007, from an attorney representing the Secretary and addressed to Frank and Juliet at the house, which informed them that the Secretary had purchased the house at the foreclosure sale on February 22, 2007, and demanded that they vacate the house within 10 days.

[…]

In the case now before us, Hiatt’s affidavit did not show that Bank of America was a participant in the servicing of the mortgage or in the foreclosure. It did not explain how Hiatt, in his capacity as an officer of, and attorney-in-fact for, Bank of America, would have acquired personal knowledge of the information he testified to in his affidavit. Moreover, none of the documents that accompanied his affidavit were sworn, certified, or otherwise authenticated. Consequently, based on the holding of the supreme court in Crawford, we hold that the testimony contained in Hiatt’s affidavit and the documents that accompanied his affidavit were inadmissible and, therefore, that the trial court erred in entering a summary judgment in favor of the Secretary. Therefore, we reverse the summary judgment and remand the cause for further proceedings consistent with this opinion.

REVERSED AND REMANDED.

Thompson, P.J., and Pittman, Thomas, and Moore, JJ., concur.

[ipaper docId=59028194 access_key=key-stuccaw4i88ynelotew height=600 width=600 /]

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HAWAII SB651 Foreclosure, Mediation, Dispute Bill

HAWAII SB651 Foreclosure, Mediation, Dispute Bill


This part shall apply to  nonjudicial foreclosures conducted under part II by power of sale, of residential real property that is occupied by one or more mortgagors as a primary residence; provided that this part shall not apply to actions by an association to foreclose on a lien for amounts owed to the association that arise under a declaration filed pursuant to chapter 514A or 514B, or to a mortgagor who has previously participated in dispute resolution under this part for the same property on the same mortgage loan.

[ipaper docId=54109578 access_key=key-2fs3s6lpsn9kt27gps8m height=600 width=600 /]

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