Arizona, Nevada Sue Bank Of America Over Mortgages

New York Times:

The attorneys general of Arizona and Nevada on Friday filed a lawsuit against Bank of America, accusing it of engaging in "widespread fraud" by misleading customers with "false promises" about their eligibility for modifications on their home mortgages

Read the whole story: New York Times

Comments

[Legion 10]

02:17 AM on 12/29/2010

I want a free HOME....it's the liberal way....plz BOA, Chase, Citi....where is my free HOUSE?

[gonesu]

08:45 PM on 12/20/2010

BA is a crook..the deal is how have they stayed in business? the answer is politicans with the same values!

Look at who you send to DC to rep you.

In case you have forgotten...it is 'we the people' they are suppose to represent.. the truth?

they represent BA and their shill lobbyist!

We deserve better. Don't let them tell you ..how.. they vote...look it up and call their hand.

You have to think about why someone would pay millions to get in office for a job that pays a fraction of that?

These people that let this go on ..ARE CROOKS..

and I might add...the person directly responsible for the RULES? if you want to call them that..should be 1. fired! or hauled off to prison with the BA excs.

People...it is time to take back your gov...you are not being taken care of.

[Legion 10]

02:18 AM on 12/29/2010

Huhhh...you mean you have to "buy" a home and actually pay for it? Darn these banks...crooks

[wtf-please]

04:11 PM on 12/20/2010

With the Bernie Maddoff ruling(participants funds collected from people who received payouts) this will allow home owners to recoup funds from the banksters shenanigans and not just the investors that bought fraudulent Sub Prime Mortgage backed Securities.

It depicts breach of warranty, representation, price manipulation and premeditation of which they bought credit default insurance at 50-75 to 1 margin. This will be fun to watch.

[wolf58]

09:51 AM on 12/19/2010

I have a friend who works for BOA and she or he stated that top BOA managment has been going around briefing employees about the hard drive that Wikileaks has in its possession­. They are saying that there is evidence of unethical pratices on it however they are going to say that it was only the practice of one person and not the bank as a whole and more than likely that person would be terminated and the bank would breeze through this. Sounds like a massive cover up to me and to say the practice was only from this one person who by the way is upper managment is a load of crap. I look forward to see what wikileaks has on this bank and I hope when the truth comes out BOA will crumble into ruins....

[TAMPA M]

09:40 AM on 12/19/2010

Bank of America forecloses on house that couple had paid cash for.
Charlie and Maria Cardoso paid cash in 2005 for their house in Spring Hill. Five years later, Bank of America foreclosed on it.

http://www.tampabay.com/news/business/realestate/bank-of-america-forecloses-on-house-that-couple-had-paid-cash-for/1072632

[Super Sarcastic]

09:30 AM on 12/19/2010

Banksters........... so appropiate

[strangiato]

08:40 AM on 12/19/2010

If I had to guess what bad news is likely to come out of the "banking" business in the next month or two, it would have to be that BofA and other megabanks are grossly UNDER reporting the financial hit they are taking with the foreclosur­e crisis. To suggest that only 26 billion is needed to cover losses over the next 10 years is like having a politician tell you "no new taxes".

http://www­.thestreet­.com/story­/10909989/­foreclosur­e-crisis-b­ank-losses­-may-top-2­6b.html

The actual foreclosur­e numbers are around 5 million since the debacle began - reporting on those numbers has been sketchy at best. Just some simple math (not the fuzzy kind that W liked so much) will tell you the banks are looking at losses closer to a trillion dollars. So how can you have the chutzpah to turn nearly a trillion into 26 billion? That's the BofA way. When challenged with the truth - lie, lie, lie your way out. This bank is grossly undercapit­alized to handle the real burden on its books and when the crap hits the fan, I suspect China is not going to extend the US government the kind of loan it will take to make this disaster go away. Time to take your cash out of BofA before it gets lost - permanentl­y.

[kart]

08:19 AM on 12/19/2010

i call for a revolution....

[patsydecline]

08:04 AM on 12/19/2010

why bother to even get false hopes stirred...
when this country no longer is by the people for the people...
and any illusion of businesses being principled ethical and moral no longer even matters...
they have secured enough power to not even have to put up a good front...

[v eyepete]

06:31 AM on 12/19/2010

When I was young and chose the wrong day to take a ride up the coast to Santa Barbara, Calif. In those days the freeway did not pass through, but one was forced to stop in that town because of the street lights. On that particular day there was the smell of smoke in the air and police everywhere. I remember hearing news of B of A burning. I could never figure out why...now I know.

[Whitemellon]

06:14 AM on 12/19/2010

The federal government is not going to make a move on these fraudsters. They were and will be Obama's biggest campaign contributors. It will be the state AG's that will have to bring the crooks to court. You might be able to get the president to pardon them but that will be it.

[betrayed1]

05:10 AM on 12/19/2010

Don't get your hopes up about this, at least not about action happening at the Federal level. Obama has surrounded himslef with Wall street centric advisors (Geithner, Bernanke, Summers, Rubin, etc.) who believe the stock market is the key to economic prosperity (if you don't beleive me, see what the windbag Alan Greenspan is publicly saying now that he is out of the Fed and working for a hedge fund (the last paragraph, where he says that a higher stock makret will do more than anything else to stimulate the economy, is the money line):

http://seekingalpha.com/article/218017-greenspan-new-stock-market-bubble-needed

In any event, this is what the economic team at the Whitehouse think about the stock market, as opposed to the cheap money providing rigged ponzie scheme that it really is. As a result, keeping the stock market on an upward projectory is job one at the Obama Whitehouse, and they will not do anything to upset the market (which incidentally is why Obama was so eager to give I on tax cuts for the rich; he never intended to raise rich peoples taxees, as it would cause them to dump their stocks this year to lock in gains at a lower rate. I will say this for Obama though; all the people who think he caved in or was a weak negotiator are dead wrong. Obama got everything he wanted.

[HelloWerld]

12:47 AM on 12/19/2010

its ABOUT TIME! now let's see if anything will really be done. take these monsters DOWN.

[Tia2008]

12:39 AM on 12/19/2010

One former employee said, “The main purpose of the training is to teach us how to get customers off the phone in less than 10 minutes.”

Yep, sounds typical of BOA customer service training. While completely my education, I worked for this monster bank for two years in their home equity loan department. It was all about quotas not quality or honest service. Quitting that job was one of the best things that I have done.

Now, if I could just convince my family members to close their accounts and stop dealing with this awlful bank.

[BadHaBritt]

11:39 PM on 12/18/2010

Ultimately this is not about a dishonest and disgusting bank. It's about dishonest and disgusting individuals operating behind the cover of the high, thick and protective wall of a bank while those under these disgusting individuals where too in fear of their jobs to blow the whistle. Jail the individuals and take back the exploitative fees charged by the bank and reimburse those who were taken advantage of and compensate them for all the costs and hardship uncured by this disgusting practice. Show the other big banks what's in store for them.

[patsydecline]

08:06 AM on 12/19/2010

well said...spot on f/f