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« Chris Whalen Explains Everything You Need To Know About Foreclosures, Loan Put Backs & Bank Risk | Main | Bank Of America Accused Of Breaking Into Woman's Home, Taking Husband's Ashes »
Friday
Jan072011

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.

From Bloomberg

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.

 

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Reader Comments (10)

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

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
Oct 20, 2010 at 5:20 PM | Registered CommenterDailyBail
Put-Back Apocalypse: Bank of America Ambushed By Bondholders!

http://www.cnbc.com/id/39746214
Oct 20, 2010 at 5:21 PM | Registered CommenterDailyBail
http://hosted.ap.org/dynamic/stories/E/EU_FRANCE_RETIREMENT_STRIKES?SITE=FLTAM&SECTION=HOME

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.
Oct 20, 2010 at 5:28 PM | Registered CommenterDailyBail
Oct 20, 2010 at 5:30 PM | Registered CommenterDailyBail
Is This Foreclosure Supervillain David J. Stern's Yacht Misunderstood?

http://www.observer.com/2010/politics/foreclosure-supervillain-david-j-sterns-yacht-misunderstood
Oct 20, 2010 at 5:48 PM | Registered CommenterDailyBail
http://news.yahoo.com/s/ap/20101020/ap_on_bi_ge/us_foreclosure_mess_ny

NY to hold lawyers accountable on foreclosures
Oct 20, 2010 at 5:55 PM | Registered CommenterDailyBail
Dwayne and Melisa Davis better make sure they are not behind in any payments because if they are they can be sued themselves.
Oct 20, 2010 at 7:11 PM | Unregistered CommenterVeteran trader
Vt--

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.
Oct 21, 2010 at 12:00 AM | Unregistered CommenterCheyenne
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?
Oct 24, 2010 at 4:39 PM | Registered CommenterDailyBail

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