Brian T. Moynihan | FORECLOSURE FRAUD | by DinSFLA

Tag Archive | "Brian T. Moynihan"

Bank of America to Freeze CEO Brian Moynihan’s Salary

Bank of America to Freeze CEO Brian Moynihan’s Salary


Is he on the way out?


BLOOMBERG-

Bank of America Corp. cut Chief Executive Officer Brian T. Moynihan’s compensation for 2011, granting him no cash bonus and freezing his salary, said a person briefed on the executive’s awards.

The bank is holding Moynihan’s salary at $950,000, said the person, who spoke on condition of anonymity because the Charlotte, North Carolina-based bank hasn’t yet announced his pay package. It gave him $5.9 million in restricted stock units, mostly linked to future performance, the firm said yesterday in a filing. For 2010, the grant had surpassed $9 million.

[BLOOMBERG]

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



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DELMAN v. BANK OF AMERICA – VERIFIED SHAREHOLDER DERIVATIVE COMPLAINT “Countrywide Mortgage Practices”

DELMAN v. BANK OF AMERICA – VERIFIED SHAREHOLDER DERIVATIVE COMPLAINT “Countrywide Mortgage Practices”


UNITED STATES DISTRICT COURT
SOUTHERN DISTRICT OF NEW YORK
———————————————————x
RICHARD DELMAN, derivatively
on behalf of the Nominal Defendant,
Plaintiff,

–against –

CHARLES K. GIFFORD, D. PAUL JONES,
JR., FRANK P. BRAMBLE, SR., MONICA
C. LOZANO, THOMAS J. MAY, VIRGIS
W. COLBERT, CHARLES O. HOLLIDAY,
BRIAN T. MOYNIHAN, DONALD E.
POWELL, MUKESH D. AMBANI, SUSAN
S. BIES, CHARLES O. ROSSOTTI and
CHARLES H. NOSKI,
Defendants,

–and–

BANK OF AMERICA CORP., a Delaware
corporation,
Nominal Defendant

EXCERPTS:

2. Thus, at the time the CWC acquisition closed in July 2008, BAC management and
its Board had a full understanding of the potential liabilities which might arise in the future.
Rather than coming clean, or resolving the CWC issues, BAC management and the Board
adopted a wrongful and obstinate policy: refusing to cooperate with government regulators
investigating the Company’s mortgage foreclosure practices; obtaining reimbursement on
government guaranteed mortgages which were likely violative of the False Claims Act; failing
to comply with an Arizona Consent Decree requiring that BAC fairly entertain mortgage
modifications; engaging in massive “Robo-Signing” of foreclosure documents; agreeing to
cease Robo-Signing, but then resuming Robo-Signing despite its questionable legality. (“Robo
Signing” is the bulk execution of foreclosure-related documents without actual review for
accuracy and adequacy).

[…]

4. The BAC Board knew that BAC was legally obligated to proceed with legacy
mortgage foreclosures in a prudent lawful manner. This did not occur. Rather, the Board wholly
failed to rein in management. On the contrary, it let management engage in blatantly unlawful
excesses as outlined above and as discussed in detail below. The BAC Board is composed of
banking, finance and business professionals who fully understand the issues facing BAC, and
who fully appreciate why its response need to be lawful and transparent. Nonetheless, the Board
ignored numerous c1ear-as-day reports of irregularity bordering on fraud, and allowed the
Company to get drawn in to additional illegality, materially raising BAC’s potential liability.
As a result, the BAC Board breached its fiduciary duty and should be held liable to BAC for the
harm it has caused.

[ipaper docId=68772564 access_key=key-22m84cze0ajakeka54aj height=600 width=600 /]

 

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



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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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READ | Letter from Utah Attorney General Mark Shurtleff to Bank of America President Brian T. Moynihan re: ReconTrust “ILLEGAL”

READ | Letter from Utah Attorney General Mark Shurtleff to Bank of America President Brian T. Moynihan re: ReconTrust “ILLEGAL”


“All real estate foreclosures conducted by ReconTrust in the state of Utah are not in compliance with Utah’s statutes, and are hence illegal”

[ipaper docId=56254613 access_key=key-1y6gmyihelxc0a0sczvm height=600 width=600 /]

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



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Moynihan Faces Mortgage Questions At Annual Meeting

Moynihan Faces Mortgage Questions At Annual Meeting


Advice to Brian….Never let them see you sweat the small stuff…LULZ

FOX BUSINESS

Bank of America Corp. Chief Executive Brian Moynihan faced contentious questions from several shareholders Wednesday at the annual meeting for the nation’s largest bank by assets, particularly regarding its mortgage problems.

[…]

Moynihan appeared to grow impatient with shareholder questions. While one man demanded Moynihan himself call him on the phone to discuss what the holder said was a wrongful foreclosure, Moynihan began checking his watch. He also tried to speed along proposals.


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Bank of America’s “Tasmanian Devil” says we shouldn’t be thinking of our homes as “assets”

Bank of America’s “Tasmanian Devil” says we shouldn’t be thinking of our homes as “assets”


via Mandelman

It should be readily apparent that there are an overabundance of reasons for Bank of America’s CEO, Bryan Moynihan, to be regarded as a massive rear end in a province undeniably replete with rear ends of utterly mammoth proportion.  Even the adjectives in that last sentence don’t begin to do the nature of his posterior justice.

To begin with, let’s just acknowledge that Moynihan is a corporate lawyer.  He graduated in 1981 from Brown University… a history major that co-captained the rugby team.  He then went on to Notre Dame Law School.

In 1993 he went to work at Fleet Boston as deputy general counsel, but after Bank of America acquired Fleet in 2004 Moynihan became the bank’s president of global wealth and investment management, and from October 2007 to December 2008, he served as the bank’s president of global corporate and investment banking.  But from December 2008 to January 2009, Moynihan once again returned to his roots, serving as general counsel for Bank of America, and he became CEO of Merrill Lynch after its oh-so-well-thought-out-and-executed sale to Bank of America in September 2008.


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COMPLAINT | Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Bank of America Corporation

COMPLAINT | Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit Against Bank of America Corporation


ANCHORAGE POLICE & FIRE RETIREMENT
SYSTEM, Individually and on Behalf of all Others
Similarly Situated
,

v.

BANK OF AMERICA CORPORATION, BRIAN
T. MOYNIHAN, CHARLES H. NOSKI,
KENNETH D. LEWIS, and JOSEPH L. PRICE

COMPLAINT FOR VIOLATION OF THE FEDERAL SECURITIES LAWS

[ipaper docId=51999215 access_key=key-f82cuv33cpzwlgt5ltr height=600 width=600 /]

[Source: http://www.glancylaw.com/]

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



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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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