In 2010, Bank of America paid out $137 million to settle accusations of “defrauding schools, hospitals, and dozens of state and local government organizations via misconduct and illegal activities involving the investment of proceeds from municipal bond sales.” Investigations continue against bank employees, but the banks’ business has continued unaffected.
Last year, BoA & the other major banks admitted to hundreds of thousands of acts of fraud, but are stil processing foreclosures with the consent of the government…And most recently, Bank of America and JP Morgan Chase evoked still more furor when they admitted to defrauding members of the armed services.
The banks are splitting their mortgage division so that accounts past due or in foreclosure are handled by a separate unit. While its creation is certainly a sign of problems, no actual changes have been announced regarding the handling of foreclosures. And as for accountability?
This week, an executive with JP Morgan Chase, , apologized for overcharging thousands of service members to the Veteran Affairs Committee in Congress. It was not well received: “You broke the law, your bank broke the law, shouldn’t someone go to jail for that? Who’s responsible? Are you, as the executive VP who was given to us from the bank to answer for this stuff, should you go to jail?” asked Bob Filner, D-California. ”
Bank of America & Chase, once again, announced separate units that would handle mortgage problems for homeowners in the military.
And What’s Your Response?
Every day homeowners are judged against and kicked out, and still more are walking away without a fight. Others have depended on free mortgage assistance programs that the banks refuse to cooperate with. And yet the commonplace lying & cheating in the foreclosure process has compelled the government to cut off yet another foreclosure law firm, Ben-Ezra & Katz. Still, most of the largest foreclosure mills continue to use the same practices with few consequences.
When your mortgage lender is purposely guiding you into foreclosure, you need to defend yourself by hiring an experienced attorney. Foreclosure defense offers many opportunities to renegotiate with the banks but can also provide borrowers to seek redress if they’ve been defrauded and deceived by their lender.