Homeowners Seek to Block Bank of America $8.5 Billion Settlement

Homeowners Seek to Block Bank of America Settlement

The legal onslaught continues for Bank of America.

On Tuesday, several homeowners filed suit in the Federal District Court in Manhattan seeking to block a proposed $8.5 billion settlement between Bank of America and major mortgage investors including BlackRock, Pimco and the Federal Reserve Bank of New York. The suit claims that the deal fails to address widespread servicing problems and would actually speed up foreclosures.

It’s the latest opposition to the $8.5 billion settlement, which was hammered out in June by Bank of America, 22 large investors in soured mortgage-backed securities and Bank of New York Mellon, the trustee for those securities. Smaller investors have already filed legal actions opposing the deal, as has the New York state attorney general, Eric T. Schneiderman.

“There is a growing realization that this settlement needs more scrutiny,” said Keith Fleischman, the lawyer for the four homeowners in the suit. “It needs to address the housing crisis itself.”

Check out the rest here…

Complaint to come once I get it…



10 Responses to “Homeowners Seek to Block Bank of America $8.5 Billion Settlement”
  1. Charles Fetters says:

    When will our Senators and Congress members wake up. We have been fed the big LIE long enough.
    Even the President has stated the LOAN MODIFICATIONS ARE A FAILURE. The homeowners know the banks get paid off at least three times, before they foreclose. First we bailed them out with TARP money . Then they tell us not pay our note for three months, then they collect on the insurance. Then deny us after attempting to modify. Then collect on the note at foreclosing. DO THEY THINK WE ARE IDIOT’S.
    Why aren’t the citizens of California demanding the $25 billion Senator Feinstein robbed from the TARP money, to fund her husbands buying up foreclosures. It must be nice to be so far removed from the people she says she represents. The LAIR witch.

    • lvent says:

      I am sure you know by now that Loan Modifications are a sham and a fraud…..these are pretender lenders and they do not own anything….these crooks are bankrupt on paper because of their Ponzi Scheme..The real loot is hidden in overseas bankster accounts, hundreds of trillions of ill gotten gains and pension fund money they stole from the American people plus the illegal bailouts they extorted from MAINSTREET…..They rang America up with 40 trillion in fake debt backed by 8 trillion in homes that they do not own…….THE WHOLE UNSECURITIZED SHAM was all based on a gamble of our ability to pay and MAINSTREET WAS SET UP TO FAIL….IT WAS INTENTIONAL, A HITLER PLAN BY THE RULING ELITE, NEW WORLD HORDER, TO STEAL EVERYTHING FROM THE PEOPLE……CHASE CEO DIMON ALREADY SAID THERE WILL BE NO LOAN WRITE DOWNS…….REST ASSURED, THERE WILL BE LOTS MORE CHASE FOOD STAMPS TO DOLE OUT TO THE PEASANTS THEY HELPED CREATE WITH THEIR PONZI SCHEME…….AND THEN OF COURSE THE PROPERTY TAX SWINDLE MONEY THAT THEY COLLECT FROM HOMEOWNERS…..NEED I GO ON???? PRINCIPLE REDUCTIONS, LOAN MODS ARE ALL MORE FRAUD TO COVER UP FOR ALL OF THE ORIGINATION FRAUD, THE MULTIPLE PLEDGING OF NOTES, UP TO TEN MORTGAGES ON ONE HOME!!!!!!! UNSUSTAINABLE DEBT…..THE PRETENDER LENDERS BOOKS ARE COOKED AND THEY DESTROYED THE ORIGINAL NOTES AND MORTGAGES AND INTENTIONALLY CLOUDED TITLES TO COVER UP FOR THEIR MASSIVE COLLATERAL MORTGAGE FRAUD SCAM…….!!!!!!! THERE IS A NAME FOR WHAT THEY DID…….EXPONENTIAL FRAUD………….NOW THEY MUST RESCIND, RETURN THE STOLEN HOMES AND ALL OF THEIR ILL GOTTEN GAINS AND GIVE CLEAR TITLE BACK TO THE HOMEOWNERS……MAKE WALL STREET PAY!!!!!!!!!!!!! Feinstein did that??? You Californians should burn the lair witch and her criminal cohort husband at the stake!!!!!!!!!!!!!!!!!

    • housemanrob says:

      ……they are awake Charles……..they are being paid off…..all about greed!

  2. New homeowners should be in fear of buying any house right now, unless they have a trusted attorney. The titles are all clouded and they are purchasing stolen merchadise. Even if they are not held accountable for purchasing a stolen house they may lose any equity or down payment without fighting the crooked bank that stole it or lent them the money for the purchase, and any remodeling they may have done.

  3. i HAVE BEEN WONDERING WHY?””” Homeowners have not fliled breach of fudicairy duty and non compliance with the Constitution, CPA laws and State laws topping it with breach of the Honest Services Doctrine” against the bought politicians. ? Our represenatives have a fudiciary duty to us the tax payers not the banks.

  4. talktotennessee says:

    Speeding up foreclosures is the intent! Washington now is tired of the mess and wants it to go away. Many think the thing to do is let it crash. Banks want that hands down!
    If they can get Investors nullified, they will run over homeowners like a Mack truck because there is no one standing in the gate. Not Washington, certainly. If the AGs sell us out we may be out of luck. No one seriously thinks homeowners have any standing or support to stop them from foreclosing and dumping all those REOs on the market.
    It will backfire. . . .. Values and sales are dropping now. Inventory is increasing and few want to buy unless heavily discounted because they fear prices will continue to fall.. When the banks dump a glut of REOs on the market it will collapse the rest of the housing market. People who did not default may elect strategic default to turn and purchase REOs (cash) for pennies on the dollar if they have reserves. People are quit-claiming their properties into blind corporations and trusts now. What happens when these fold? Watching a 900K house sell for 500K. If you live in the million dollar house next door and you could ‘walk’ and buy the neighbor’s foreclosed REO for half the construction cost, what would you do? Sit and watch your value go down the tubes?
    Be careful what you wish for banksters, you may get your wish and still be stuck with a glut of houses you can’t sell.

  5. Jim Bethea says:

    Glad to see that some of Bank of America’s victims are stepping up to the plate now ~~

    The last I heard was that their settlement option did not go through and the case was removed from circuit court of NY to Federal District court as well ~

    I hope they smoke them for their ongoing fraud ~ stealing houses that were not even theirs as if any are!! lol

  6. housemanrob says:

    What is all the chaotic banking news about……….a few more days of non-compliance on their scumbag deals will mean……here come the hedgefunds with their naked shorts sells! I can almost smell the sweat running down the faces of the administration, Congress, and the bankers, This may be judgement time, so be ready cuz it ain’t gonna be pretty!

  7. lvent says:

    The people are waking up!!!! The truth will set us free from this tyranny!!!

Leave a Reply