JPMorgan, Bank of America Face `Hydra’ of State Foreclosure Investigations
By Margaret Cronin Fisk – Oct 6, 2010 12:01 AM ET
JPMorgan Chase & Co., Bank of America Corp. and Ally Financial Inc., defending allegations of fraudulent home foreclosures from customers and Congress, may face the most financial peril from investigations by state attorneys general.
Authorities in at least seven states are probing whether lenders used false documents and signatures to justify hundreds of thousands of foreclosures, and the number of these inquiries will grow, according to state officials and legal experts.
“You’re going to see a tremendous amount of activity with all the AGs in the U.S.,” Ohio Attorney General Richard Cordray said in an interview. “We have a high degree of skepticism that the corners that were cut are truly legal.”
JPMorgan, Bank of America and Ally have curtailed foreclosures or evictions in 23 states where courts have jurisdiction over home seizures.
While homeowners in those states and elsewhere must usually show damages to win a lawsuit, “attorneys general can just sue over deceptive sales practices and get penalties,” said Christopher Peterson, a University of Utah law professor who specializes in commercial and contract law.
In Ohio, penalties include fines up to $25,000 per violation, with each false affidavit or document considered a violation, according to state law enforcement officials. In Iowa, fines rise to a maximum of $40,000 for each violation.
Foreclosure Freeze
This penalty would apply to “every instance of an affidavit that was filed improperly or every time facts were attested to that weren’t true,” said Cordray. His counterpart in Connecticut, Richard Blumenthal, has called for a freeze on foreclosures and said the submissions are a “possible fraud on the court.”
Officials in Ohio and Connecticut, along with Florida, Texas, North Carolina, Iowa and Illinois, said they are investigating mortgage foreclosure practices.
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THANK YOU LORD JESUS:
I KNEW YOUR HAND WILL INTERVINE SOON, BANK OF AMERICA, JP MORGAN I KNOW THE HISTORY BEHIND ABOUT YOU ALL I KNOW THAT YOU GUYS WILL EXPLODE TO THE MAXIMUM THE MIDDLE CLASS PEOPLE AND THE POOR, YOU U ALL CAN LIVE VERY CONFORTABLE AND RICH, BUT PLS DON’T FORGET THE ALL MIGHTY UP THERE THE CREATOR OF HEAVEN AND EARTH THE OWNER OF GOLD AND SILVER IS WATCHING US ALL.
JUSTICE WILL PREVAIL OVER THE FRAUDE, OVER THE RIPP OFF OVER THE ABUSE THE SYSTEM, JUDGES, LAWYERS, ATTORNEYS, OVER THE NONE CONSIDERATION ALL THESE HAVE HAD WITH THE FELLOW AMERICANS.
FOR YOU JUDGES-LAWYERS-BANKS- AND ALL THOSE ABUSERS, I PRAY TO THE LORD THAT YOU CAN SEE LIGHT AND THAT YOU REPENT FROM ALLE VIL YOU ARE DOING, AD THE JUSTICE WILL BE HEAVY DUTY ON YOUR SHOULDERS, MAY MY LROD AND SAVIOR HAVE MERCY ON YOUR SOULS.
SINCERELY,
GLORIA
IMPORTANT FACTS ABOUT FORECLOSURE AND MORTGAGE FRAUD
Foreclosures via DECEPTIVE and FRAUDULENT PROCEEDINGS enables repetitive, and illegal property flipping; it enables lenders to falsify IRS form 1099-A’’s; it enables unscrupulous foreclosure mill lawyers (especially because of judges who purposefully abet deceit) to deceptively hold auctions and make insider bids to acquire those properties; and blighted neighborhoods. Fraudulent foreclosures ensure the success of FABRICATED BANKRUPTCY COURT ‘Lift Stay motions’ and false ‘Proof of Claims’.
Two particular companies that benefit from fraudulent foreclosures are Wells Fargo and Freddie Mac. Representations about Freddie Mac’s billion dollar losses should be weighed against the needless money Freddie Mac –as well as other lenders– PAY to foreclosure mills and debt collectors who utilize court systems to outmaneuver and persecute property owners who oppose unlawful foreclosures and repossessions. Further, when property owners file justifiably lawsuits for fraud and for OUTRAGEOUS “Unfair Debt Collection Practices,” against lenders and foreclosure mills, those same mill lawyers get to make even more $$$$ from those lawsuits as they litigate and cover up their own wrongdoings.
Foreclosure fraud causes illegitimate homelessness and underhanded evictions, unjustified IRS tax bills due to false 1099-A’s, and unfair “Deficiency Judgments.” Ironically, some people who express their anger at “deadbeats” appear to be more acceptable about the manifest fraud and criminal activity being carried out by people with credentials to practice law. Equally ironic is the reality that some people pretending to be annoyed about “deadbeats”are the actual people who are participating in real estate racketeering -fully sanctioned by the majority of courts, especially Bankruptcy Courts! *more @
http://www.lawgrace.org/2010/09/30/important-facts-about-foreclosure-and-mortgage-fraud/