BOA Pays $3.4 Million in Last Minute To Settle Whistle Blower Case

Here again is another example of sweeping wrongful conduct under the rug. Bank of America settles with 50 states attorneys general, promises the correct the wrongs, but doesn’t do a thing to a correct anything. They pay $3.4 million to settle hundreds of billions worth of claims and the homeowners don’t know that they have valid claims against the Bank — nor do they know they have valid defenses to foreclosure.

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THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.

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see https://www.law.com/dailybusinessreview/sites/dailybusinessreview/2018/01/29/bank-of-america-to-pay-3-4m-whistleblower-settlement-over-foreclosure-practices/

The problem with these stories is that they don’t ask the right questions. The article itself focuses on paperwork problems indicating to the casual reader that it is only paperwork problems that have caused so much grief. That is not true. This is not about a technicality.

The paperwork issues are merely manifestations of a deeper uglier scheme that quite nearly destroyed our society; and yet the general consensus is that we should allow the foreclosures to proceed and allow them to remain despite the presence of outright theft of investor capital and borrowers’ homes.

There would be no problem with paperwork if the banks had not destroyed the original paperwork or “lost it.” But then the banks and servicers would be out of the foreclosure business because they were not in the chain of lending or servicing the loans.

In a world where notes, mortgages, endorsements and assignments referenced real transactions in the real world, any defect in paperwork could be immediately addressed with an affidavit showing the chain of ownership of the debt. But the banks can’t do that because they sold layers upon layers of derivatives amounting to sales of the same debt multiple times. But so far the score is simple: the banks get everything, the investors lose much of their investment and the borrowers lose all the money they put into the house and the house itself.

Letting BOA go for $3.4 million is simply a gift to BOA and all the major banks who were players in the game of false claims of securitization.

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