Bank of America | BofA Board Sued by Holders Over Mortgage Recording Paperwork

The hits just keep on coming…

BofA Board Sued by Holders Over Mortgage Recording Paperwork

Bank of America Corp. (BAC)’s board and some officers were sued by shareholders claiming they were hurt by false and misleading statements that hid defects in mortgage recording and foreclosure paperwork.

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.

The bank’s stock traded at inflated prices, reaching a high of $19.48 on April 15, 2010, and fell almost 42 percent after the problems were disclosed, according to the complaint.

The directors and officers also hid the bank’s involvement in “dollar rolling,” omitting billions of dollars in debt from its balance sheet, according to the complaint. Bank of America later admitted it wrongly classified the transactions as sales when they were secured borrowing, according to the complaint.

Check out the rest here…

As soon as this case is scanned in, I will put it up…

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4closureFraud.org

Comments
6 Responses to “Bank of America | BofA Board Sued by Holders Over Mortgage Recording Paperwork”
  1. David Kanz says:

    I would like to see the pleadings, please.

    Where are they?

  2. marilyn lane says:

    Murderers and rapists don’t usually stay at the scene of their crimes.

    Have you noticed that CEO’s of Bank and Corporate scams
    as their frauds get uncovered and unraveled decide to retire
    —to spend more time with their families.

  3. And now what? when is somebody from the banksters fraud are finally going to go to Jail?

  4. l vent says:

    YES! THE TRUTH ABOUT FRAUDCLOSUREGATE is slowly being revealed and the truth is hiding in the BANKSTER CROOKS cooked books. So could it be that BofA is admitting they CAN’T FRAUDCLOSE AND STEAL HOMES TO COVER THOSE LOSSES? My county recorder’s office was CORRECT when they told me my house is paid for and WHY? BECA– USE OF THEE ORIGINATION FRAUD. THE ORIGINATION OF THIS LOAN DOES NOT EXIST ON TITLE, THEY NEVER PUBLICLY RECORDED A MORTGAGE DEBT/LIEN ON THIS HO– USE IN 19 YEARS. THE TITLE SAYS NO LOAN EVER OCCURED BECA– USE THE ORIGINATION DOES NOT APPEAR ON TITLE AND NO MORTGAGE WAS PUT ON THE TITLE FOR 14 YEARS ( Statute of Limitations is 12 years in my state) AND THT DOES NOT EVEN MATTER BECA– USE IT WAS NEVER ASSIGNED. RESCIND MY LOAN, THERE IS NO PROOF IT EVER EXISTED!!!!!!

    • l vent says:

      THE JIG IS UP!! THE FRAUDSTERS, THE PERPS ARE GOING DOWN!!!!!!!!!

      • David Kanz says:

        I would advise that it is not over til the fat lady sings. There are a myriad of maneuvers that can occur in the court system, both in the court house proper, and outside of the view of the judge.

        I am elated that this action has been filed but it is far from over——Bankers have lots of money and BOA appears to have taken the position that they will litigate rather than admit anything, anywhere at anytime.

        It is a war of attrition the outcome of which is determined by the tenacity of the parties involved. BOA is still foreclosing on people via MERS and their loan servicing companies as well, though we know the courts have ruled neither have standing to foreclose.

        It’s not the size of the dog in the fight its the size of the fight in the dog. Most people are loathe to see things through—-particularly when it involves the kind of nasty litigation/depositions/discovery that this case will entail.

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