BOA LOSES BID TO DISMISS CASE FOR FRAUD AND BREACH OF DUTY OF GOOD FAITH

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EDITOR’S COMMENT: Inch by inch the judicial system is getting closer to unraveling the truth about mortgages, securitization, and foreclosures. The process is extremely painful for those whose homes have been or are sliding toward foreclosure (10.6 million more expected soon). On one hand we can say that is unacceptable because it is.

On the other hand, we must remember that virtually everything the Banks did was counter-intuitive, and that breaking through what appears to be “common sense” takes a while to digest. Why would anyone “loan” money that they knew would probably not be repaid? Why would anyone sell securities that they knew would fail and why would they make sure those securities failed? Why would the Banks be unconcerned about whether they were repaid, and unconcerned about whether they lose some foreclosure cases? How could losing a foreclosure case to a borrower not be a loss to the Bank?

There are answers to these questions that can be found in abundance on this Blog, other Blogs and many case decisions now, but it is difficult for even the victims to fathom how they were hoodwinked into thinking they owed a debt that they didn’t owe, to a creditor that didn’t exist.

See THIS CARTOON SAYS IT ALL

Think about it. If you were sitting in the Judges chair, wouldn’t you be skeptical about these claims by borrowers? Wouldn’t you take it slow?

as reported in STOPFORECLOSUREFRAUD.COM

Bank of America Loses Foreclosure Class Action Motion to Dismiss in New Jersey – BEALS v. BOA

NEWARK, NJ, November 7, 2011 – Today Judge Katherine S. Hayden of the United States District Court for the District of New Jersey denied a motion by Bank of America, N.A. to dismiss the proposed class action Beals v. Bank of America, N.A. This action, was filed by Lawrence Friscia of the New Jersey law firm of Friscia & Associates, a boutique firm concentrating on foreclosure defense, and makes numerous allegations against Bank of America in connection with allegedly fraudulent and procedurally defective foreclosure actions brought by Bank of America against homeowners in New Jersey.

For inquiries related to this matter contact Lawrence Friscia. Mr. Friscia can be reached at (973) 500-8024. Please visit www.friscialaw.com for additional information.

OPINION Excerpt:

VI. Conclusion
For the foregoing reasons, this Court will not abstain from this case. Defendants‘ motion to dismiss is granted as to all claims for negligent processing of a loan modification, as to all claims under the Fair Debt Collection Practices Act, and as to Grullon‘s claims for breach of contract and breach of the duty of good faith and fair dealing. The motion is denied as to the Beals plaintiffs‘ breach of contract claim, the Beals plaintiffs‘ claim for a breach of the duty of good faith and fair dealing, all claims for fraud and negligent misrepresentation, and all claims under the New Jersey Consumer Fraud Act.

Tags: bac home loans, Bank of America, bankruptcy, borrower, countrywide, disclosure, foreclosure, foreclosure defense, foreclosure fraud, foreclosure offense, foreclosures, fraud, FRISCIA & ASSOCIATES, LaSalle bank, LLC, LOAN MODIFICATION, modification, New Jersey Class Action, quiet title, rescission, RESPA, securitization, Tanya Beals, TILA audit, trustee, WEISBAND
Posted in bubble, Corruption, Eviction, securities fraud |