SO IT BEGINS -- Bank of America Accused of Racketeering in Class Action Foreclosure Lawsuit
Repost from November in honor of today's decision by the Massachusetts Supreme Court.
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This is not going to end well for the banks. The trial lawyers have been unleashed. Best new job in America -- foreclosure class-action attorney.
Bank of America Corp. (nyse: BAC) and its Countrywide Home Loans unit were accused of racketeering in a lawsuit filed by two Indiana residents claiming that perjured affidavits were used to foreclose on their home.
Dwayne Ransom Davis and Melisa Davis filed the complaint yesterday in federal court in Indianapolis. Their lawyer, Irwin Levin, confirmed the filing in a phone interview. The filing couldn’t be independently verified.
“The defendants and their cohorts engaged in a pattern of racketeering activity in which they routinely and repeatedly prepared perjured affidavits in order to rapidly churn foreclosures,” the couple said in the complaint.
The Davises accuse the lenders of using “robo-signers,” people who sign affidavits attesting to facts underlying foreclosures without actual knowledge of those facts, to push through paperwork to take their home in Knightstown, Indiana.
While the borrowers aren’t asking the court to reverse their foreclosure, they’re seeking compensatory damages tripled under federal racketeering laws, as well as class action, or group, status to sue on behalf of anyone whose home was allegedly taken since October 2006 under similar circumstances.
Further reading:
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Just published:
Jan 7, 2011 at 6:06 PM
Reader Comments (10)
http://www.bloomberg.com/news/2010-10-19/pimco-new-york-fed-said-to-seek-bank-of-america-repurchase-of-mortgages.html
http://www.prnewswire.com/news-releases/institutional-holders-of-countrywide-issued-rmbs-issue-notice-of-non-performance-identifying-alleged-failures-by-master-servicer-to-perform-covenants-and-agreements-in-more-than-47-billion-of-countrywide-issued-rmbs-105221854.html
http://www.cnbc.com/id/39746214
PARIS (AP) -- Workers opposed to a higher retirement age blocked roads to airports around France on Wednesday, leaving passengers in Paris dragging suitcases on foot along an emergency breakdown lane.
Outside the capital, hooded youths smashed store windows amid clouds of tear gas.
http://dealbreaker.com/2010/10/matt-taibbi-is-taking-a-break-from-the-things-he-loves/
http://www.observer.com/2010/politics/foreclosure-supervillain-david-j-sterns-yacht-misunderstood
NY to hold lawyers accountable on foreclosures
It doesn't matter at this point. Any cause of action against them now is just a counterclaim. So what? The counterclaim will be dismissed for lack of standing, as you may rest assured that you won't be seeing any (valid) promissory note to support it. Indeed that fatal omission is a major premise of the Davis's suit. Were it not for the obvious and abject lack of a note, there'd be no need for fraudulent affidavits. I don't know what people find so complicated about a binary proposition. To reiterate: the servicers lack standing to foreclose; as such, they owe you back your mortgage payments--all of them.
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that is something i have seen mentioned elsewhere...has there been any push towards this?