FORTUNE: Abigail Field Bombshell | At Bank of America, more incomplete mortgage docs raise more questions

Wait til she figures out the notes are FAKES in many cases…

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“None of the 104 Countrywide loans were endorsed by Countrywide – they included only the original borrower’s signature. Two-thirds of the loans made by other banks also lacked bank endorsements. The other third were endorsed either directly on the note or on an allonge, or a rider, accompanying the note.

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At Bank of America, more incomplete mortgage docs raise more questions

Fortune examined hundreds of foreclosure documents to determine the validity of mortgage securitizations after Bank of America debunked testimony about them last fall. The results raise more questions than they answer.

By Abigail Field, contributor

FORTUNE — Are Countrywide mortgage-backed securities really mortgage-backed? Do banks even have the legal right to foreclose on certain homes?

hese are just a few of the questions raised since the foreclosure crisis revealed shoddy mortgage servicing practices at many of the big banks – practices that have led to countless investigations and lawsuits. Court testimony by a former Countrywide employee added to the intrigue last fall, because she confessed that many loans there weren’t properly handled, bringing into doubt the validity of Countrywide’s securitization process. Bank of America, which owns Countrywide, quickly silenced the discussion with firm denials.

But Fortune has examined dozens of court records that corroborate the employee’s testimony. And if Countrywide’s mortgage securitizations systematically failed as it appears they did, Bank of America’s potential liability dwarfs its shareholder equity, as the Congressional Oversight Panel points out.

Be sure to check out the rest here…

Keep em coming Abigail…

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4closureFruad.org

Comments
17 Responses to “FORTUNE: Abigail Field Bombshell | At Bank of America, more incomplete mortgage docs raise more questions”
  1. Ron Moss says:

    I sure hope Deutsche bank is next That must be another part of the Hitler Plan. They may still be full Partners.

  2. Tim Bryant says:

    I believe that the industry exposed another bombshell. That servicing is done through offshore operations, called “captives” that work the operation from the originator to the investor, without the lender EVER directly involved in the transaction, other than “in name only” to hide the true beneficial owner. If this is true, this is money laundering, and the tranched distributions to undisclosed investors is “smurfing”….

    http://www.nationalmortgagenews.com/nmn_features/vendors-bundle-outsourcing-tech-1025059-1.html?CMP=OTC-RSS

    • maggie may says:

      I HAVE TOLD YOU BEFORE,,MAYBE U CAN TRY TO BELIEVE ME THE KNOW THE BIGGGGGG GUYS — USE OTHERS TO FRONT THEM,,,,,,,,,,,,BUT THEY KNOW WHO THEY ARE,,,SO THEY ARE GETTING THEM IN DIFFERENT WAYS AND TRUST ME ITS GETTING TO THEM TRUST ME!!!!!JUST ON THIS ANYWAYS!!!

    • Readdocs says:

      Yes. If this is so, then most likely the money being loaned is drug money from the cartels.

      • maggie may says:

        SO UNDERSTAND THAT THEYRE WORKING ON IT!!! THEY HAVE MOLES (THEGOODGUYS) AT OVERSEAS BANKS DREAMS AND VIRGINIA HUTCHINSON TOLD ME AND THEY ARE FOLLOWED AND WATCHING ALL TRANSACTIONS!!!

    • l vent says:

      There truly is no end to the crimes they have committed and still are and the ways they try to cover it up. I think it was Sen. David Rockefeller who said the internet was going to ruin all of their evil New World Order plans for world domination. Now the markets are crashing again and there is no real explanation for it. CNBC reported that we could be headed for another Great Depression. More manufactured bullshit. That is what they do manufacture bullshit and get rich off of that bullshit. They keep robbing all of us to pay for their bad gambling habits up on Wall Street or as Max Keiser calls it, their Casino Gulag Model up on Wall Street. Max said they want all of us working for spit on their Wall Street Plantation. They have a real sickness and they have made the whole world violenty ill. Death to the New World Order Fascist Tyranny!!!!!!!!!!!!

  3. YES, My home loan is being moved to Bank of America on July 1st, 2011. Not sure what this means? But I have filed disputing the foreclosure. So I suppose all their paperwork will have to be redone.?? In court, for Bac home Loan Servicing. I believe when transfers are constantly being made back and forth, it to cover up and make the trail harder to follow?? Anyone know why this is happening. Corporate Disclosures in Federal District Court were:

    1. Bank of America Corporation is the parent company of Bac Home Loans Servicing.L.P.

    2.. Bank of America Corporation is a publicly held company that owns 10% or more of Bac Home Loans

    Servicing, L.P.

    This info was filed by THEM, in my Indiana Court Case.

    • Readdocs says:

      Bank Of America Home Loan Services, LLP is Countrywide, and is owned by Bank of America.
      The only thing changed is Countrywides’ change of company name, and being bought by B0A.

  4. maggie may says:

    dont you know they have people at postoffices intercepting mail and letterheads from all govt places u sure thats whp wrote you excuse me why didnt they sign it!!!

  5. maggie may says:

    THE ECONOMIC DOUBLE DIP COMING THO SAD FOR SO MANY OF US ALSO WILL BE THEIR DEMISE THINK ABOUT IT!

  6. Jason Werner says:

    I feel bad for Bank of America investors for BAC buying Countrywide: So stupid, probably criminal.

  7. freedomwatchnorthcarolina says:

    I have an allonge to my loan endorsed on day of closing from the local mortgage company to HSBC Bank.

    Then an undated stamp at the bottom of page “pay to the order of Countrywide Bank, N.A. without recourse” signed by Nilda Feliz. Although it was securitized to Bank of New York Mellon, it was never endorsed as such.

    Most of the attorney’s in North Carolina either don’t get it; or afraid to go after Bank of America with their political connections in this State. There are other defective documents as well.

    I wrote to the NC Attorney General and received an unsigned response to take it up with the Comptroller of Currency.

  8. Readdocs says:

    Bank of America is moving some mortgage loans from B0A Loan Services to Bank of America NA starting in July.
    This must be preparations of getting rid of the subprime bad loans.

    • leapfrog says:

      Yep, they are trying to move mine right now, DESPITE a current lawsuit in the BK court! How’s that for chutzpah and arrogance?

  9. AliceN.Wunderland says:

    I second that, keep them coming Abigail.

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