Bank of America found a new way to illegally extract money from customers

[Ed Jewett]

Class of Homebuyers Claims BofA Found a New Dirty Trick

December 7th, 2011This one will take your breath away.
Via: Courthouse New Service:
Bank of America found a new way to illegally extract money from customers, according to a federal class action: deduct taxes and insurance from mortgage payments, even though the homebuyers make those payments themselves, then call the mortgage in default for the unauthorized deductions, and charge late fees and penalties.
Lead plaintiffs Rick and Susan Dolfo say that's what Bank of America did to them.
"This is yet another tale of Bank of America cheating its customers," the complaint states. "In 2005, plaintiffs obtained a residential mortgage loan. Bank of America subsequently bought the servicing rights to the loan. From the time the loan was issued, plaintiffs complied with their obligations under the loan agreement. They made their monthly payments, maintained the required homeowner's insurance coverage and timely paid their property taxes. Nonetheless, in December 2009, plaintiffs noticed on their monthly mortgage statement that Bank of America paid their property taxes and homeowner's insurance without the plaintiffs' knowledge or consent, and even though plaintiffs also paid them. To fund the impound account, and without informing the plaintiffs, Bank of America took money from plaintiffs' monthly mortgage payment, not leaving enough to cover plaintiffs' monthly mortgage payment, throwing plaintiffs into default. Once in default, Bank of America, as the loan servicer, was ale to charge additional fees and penalties. Bank of America also falsely reported to credit agencies that plaintiffs were in default on their mortgage."
Posted in Economy, Elite

[Peter Lemkin]

Class of Homebuyers Claims BofA Found a New Dirty Trick

December 7th, 2011This one will take your breath away.
Via: Courthouse New Service:
Bank of America found a new way to illegally extract money from customers, according to a federal class action: deduct taxes and insurance from mortgage payments, even though the homebuyers make those payments themselves, then call the mortgage in default for the unauthorized deductions, and charge late fees and penalties.
Lead plaintiffs Rick and Susan Dolfo say that's what Bank of America did to them.
"This is yet another tale of Bank of America cheating its customers," the complaint states. "In 2005, plaintiffs obtained a residential mortgage loan. Bank of America subsequently bought the servicing rights to the loan. From the time the loan was issued, plaintiffs complied with their obligations under the loan agreement. They made their monthly payments, maintained the required homeowner's insurance coverage and timely paid their property taxes. Nonetheless, in December 2009, plaintiffs noticed on their monthly mortgage statement that Bank of America paid their property taxes and homeowner's insurance without the plaintiffs' knowledge or consent, and even though plaintiffs also paid them. To fund the impound account, and without informing the plaintiffs, Bank of America took money from plaintiffs' monthly mortgage payment, not leaving enough to cover plaintiffs' monthly mortgage payment, throwing plaintiffs into default. Once in default, Bank of America, as the loan servicer, was ale to charge additional fees and penalties. Bank of America also falsely reported to credit agencies that plaintiffs were in default on their mortgage."
Posted in Economy, Elite

And these and other Banksters are not going to jail....not even being investigated for crimes; while those in OWS and others protesting their lack of ethics and destruction of society / robbery of society and persons go to jail by the thousands!...... Hmmm...wonder if it is because the legislators are bought out and have sold out!?

[Albert Doyle]

Instead of seeing corporate propaganda advertisements on TV we should see ads that show a War Of The Worlds alien craft with a Bank Of America logo on its side hovering through the countryside sucking money out of homes while shit-heel politicians gather on the back deck of the alien craft giving phony speeches and taking a cut.