Another instance of unclean hands on the part of Bank of America and Countrywide Loans and their part in the foreclosure crisis
In 2008, Bank of America purchased Countrywide and inherited its mortgage program called the ?hustle?.? This lawsuit claims that Bank of America continued to operate the hustle, which consisted of rubber-stamping risky home loans and then selling them to government controlled Fannie Mae and Freddie Mac, throughout 2009 despite the program?s poor performance.? This new lawsuit is very similar to another recently filed where Bank of America?settled for one billion dollars in an attempt to make right their past behavior of making poor loans and concealing the defect rates of loans that they sold to Fannie Mae and Freddie Mac.? The two firms are also continuing to push banks to repurchase billions of dollars in bad mortgage loans. These lawsuits filed by the Justice Department and the Federal Housing Finance Agency against Bank of America and 17 other large banks in the past year are intended to send a message that the reckless lending practices of the past will not be tolerated.
If you have questions about foreclosure, loan modification, bankruptcy, or other alternatives, please feel free to call my office at 888-886-0020, send an e-mail to emil@fleysherlaw.com, or complete the contact form below.
This entry was posted in Foreclosure, Mortgage Loan Modification and tagged Boca Raton Foreclosure, Coconut Creek Foreclosure, Coral Springs Foreclosure, Deerfield Beach Foreclosure, Delray Beach Foreclosure, foreclosure defense, foreclosure defense attorney, foreclosure lawyer, Margate Foreclosure, Parkland Foreclosure, Pompano Beach Foreclosure, Tamarac Foreclosure. Bookmark the permalink.Source: http://fleysherlaw.com/blog/?p=505
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