To be clear, the cases are styled Bank of America, NA vs Bank of America, NA even though the BofA rep says they are suing on behalf of a trust…
Accounting fraud anyone? You cannot sue yourself…
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Bank Of America Sues Itself In Unusual Foreclosure Case
WASHINGTON — Bank of America is suing itself for foreclosure.
“It’s crazy,” housing data analyst Michael Olenick told HuffPost. “They shouldn’t be suing themselves.”
Over the past two years, the nation’s largest banks and the Obama administration have repeatedly vowed to clean up the foreclosure fraud mess. In February, banks agreed to pay $25 billion and overhaul their foreclosure processes as part of a 50-state investigation into bank wrongdoing, resulting from practices that included robo-signing.
But in Florida’s Palm Beach County alone, Bank of America has sued itself for foreclosure 11 times since late March, according to foreclosure fraud activist Lynn Szymoniak, who forwarded one such foreclosure filing, dated March 29, 2012, to The Huffington Post. (A white-collar crime expert, Szymoniak was recently awarded $18 million for her work helping the government recover $95 million as a result of bank foreclosure problems in North Carolina.)
In the March 29 filing, Bank of America is seeking to foreclose on a condominium and names the condo owner and Bank of America as defendants in the suit. The company is literally seeking damages from itself in order to foreclose on the condo owner.
“We are servicing the first mortgage on behalf of an investor and we own the second mortgage,” Bank of America spokeswoman Jumana Bauwens told HuffPost. “Naming the second-lien holder in the suit is necessary to eliminate the junior interest,” Bauwens said.
Rest here…
This should get interesting…
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Why don’t we all sue ourselves. You know, class action. We ARE the Government. Maybe we COULD get our $10, 000, 000 apiece, as one Post mentioned.Then we’d all have a little left over to help rebuild the new Government that we TRULY elect.
Yeah, sure they need to name all parties. So why don’t they, where are the names of the investors in the Note which the mortgage secures?
Just like the courts allow MERS to regularly assign an interest which it never possessed (in the Note which the mortgage secures) to a mere servicer while being the servicer’s employee (which supposedly, by law and by corporate agreement, it cannot do). To get rid of MERS as a “mortgagee” all they need do is further the fraud by naming MERS, who cannot defend itself against its own fraud, as a party.
How come the average person can’t get away with these kinds of crimes, and get a free house like the servicers do? Could it be that the courts are in on the Ponzi scheme? The conflict of interest in all of these cases is so obvious – yet the courts allow it. Unfair SCAM on the People, is what it seems to me, in the interest of preserving To Big To Fail, IMHO
Investors aren’t named because they do not hold any legal title, i.e. the contract, whether the note or the mortgage, is not titled in the name of the investor. Legally, that is a big difference. Your criticism of MERS is legitimate, especially when transfer of the note is at issue. And I do blame some judges for simply not taking the time to understand the nature and role of MERS. I also blame homeowner’s counsel who fail to dig deeply enough to present the whole story to those judges. I do not, however, think that judges are in on the “ponzi” scheme (foreclosures aren’t ponzi schemes). I don’t really see a conflict of interest. No one is working both sides of the case caption, but there are many problems.
This is a re-broadcast of a similar situation that occurred about 1-1/2 to 2 years ago (prox) where Wells Fargo sued Wells Fargo in a similar condo situation. When Wells Fargo found out they were being sued, Wells Fargo hired a different law firm to represent them against the vicious attack from Wells Fargo. Ultimately, it must have been quite a shock to Wells Fargo when Wells Fargo prevailed against itself. What morons !! Where does the GREED end ?
Really?Seriously?Whatever yanks your crank,This is absolutley unbelievable.
Stupid is as stupid does!
yeah and funny thing is this is not so unusual – the servicers do it all the time, every day, in every state, and always get away with it. The AG settlement allows it to continue, too.
Hey Wells Fargo, can I get a free house from all the homeowners if I pay them $1800 each for thier troubles? Better yet, if a homeowner robs your Bank of a million little dollars, and offers to pay you $10 as a settlement, would you go for it and keep me out of jail, to boot, if I simply promise not to do it again?? NO??? Well, you ungrateful SOB, the AG’s did just that for you, and you still won’t stop your egregious behavior.
AG consumer protection FAIL.
BOA suing itself is perfectly fine and understandable. It has an interest in the property because of a second mortgage. State laws require that all parties with an interest in the property must be named in the foreclosure case. If it failed to name itself, the foreclosure sale would not pass clear title. Jason points out the real issue. BOA doesn’t actually own the first mortgage. Why he hell is it suing then?
yeah, right. I suppose, then, that the mortgage loans were never securitized nor registered with MERS. BOA probably has no real-party interest whatsoever in either of those loans, and the real parties of interest are probably not named at all.
BOA stands to get a free house once the real parties (NOT BOA #1 or #2) fail to join the case, isn’t that what it really boils down to? Of course, the homeowner probvably can’t afford an attorney on this – and the taxpayers are most likely paying for BOA’s attorneys (they are probably on Fannie Mae’s, or some other GSE’s, “retained attorneys” list, just like Wells Fargo’s foreclosure attorneys).
I wonder when the homeowners will be able to get justice for all of this legalized-only-in-the-courts kleptocracy.
I am sick to my stomach just reading this,
When is the Fraud going to stop? I started what I thought was a
Payment arrangement with GMAC, only to be lied to, put off,
Made empty promies too, and in reality I was in the process
of becoming a victum of Fraudclosure. In 2007 I was a happy
Wife, mother, and homeowner. Today, I’m divorced, rent an
Apartment for my son and I in a friends name due to my credit.
I am still a happy mom but I’m also scarred forever. The hardest
Part is when my 8 year old son says ” remember when we grew
Stawberries and lemons and oranges at 205 XXXXX street? I miss my old
Room, mom. Remember when….” It breaks my heart every single time
He says these things! He never deserved to have the only home he
Ever knew STOLEN!
No one deserves to have their homes taken by these things
Called banks! I can’t stand it! Uurrgghh!!! It needs to stop!
Enough is enough! Enough lives have been ruined! Stopp already!
MeeshaLin
where did you find that monkey!!!!!! his face emulates all of our faces. WTF. its the same as what is happenning to me. wells fargo investigates the fraud. i accussed them of can you imagine giving me a stated income loan and being my servicer but there are no assignments filed in county records i wrote pam bondi, marco fubio, and various congressman. so i receive call from wells fargo sating they started an investigatiion. t next i receive a letter from wells fargo indeed admittingi in writing i am in a stated income loan and that fnm is my investor. so please tell me …….why is wells fargo forclosing on me why not settle they cant win. i was a working RN for 19 years with a good salary. i was asked to send paycheck stubs and w2 forms. not used i gather. so yeah they are not right in the mind. “AHHHHHHHHHHHHHHHHHHH”
If only the late great Rod Serling were alive today – just imagine the master pieces he would have created.
The banks and their CEO’s would certainly be and endless source of inspiration and fodder.
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It is obvious Bank of America is not the proper party to sue for their “investor.”
And may the best bank win. BoA vs. BoA. What a joke.
and only BOA will win – while the investors and the homeowners lose and the taxpayer gets a bill for helping out.
Next thing you know, Wells Fargo will buy BOA (minus all the fraud liability). Wouldn’t that be sweet?
Wow, I have just about the same issue. 2 Plaintiffs (Bank and the Trust) and they are sueing 3 Defendants (me, spouse, and the original lender that is now defunct and has been for nearly 4 years). AND the Plaintiff added the documents from the second loan in on the Lis Pendens. It is almost hilarious (in a sick way) of what they keep coming up with.
yeah i can relate. i did a “in house mod” with wells fargo. in the foreclosure service is the original mortgage. but i think the got confused and submitted the note from the mod but it cant be my husband signed the mod, but the signanture is not from the mortgage middle initial type in but not in signature. no date.
It’s nice to see the perps start eating their own, in some situations, themselves.
It’s amazing how Bank of America can come up with the most creative means on the planet to serve themselves, and yet do nothing to help “fellow” Americans. If they need help “Suing themselves” I’m sure there is a Country full of folks willing to help them.