Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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First, they declare themselves as their own judge and jury, then review 100's of thousands of foreclosure docs in 2 weeks and declare them ALL valid, then sue the FDIC!!!!!

They've hung themselves.  If the FDIC has any backbone, it will seize BofA next week.

Wells to follow.  Time to break up the big banks and prevent another meltdown.
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Should be interesting to see how that pans out...who sues the FDIC??

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Bank of America finds foreclosure mistakes: report

PHILADELPHIA | Sun Oct 24, 2010 9:51pm EDT

PHILADELPHIA (Reuters) - Bank of America Corp (BAC.N) found mistakes in foreclosure files as it began a review of 102,000 cases, according to The Wall Street Journal.

The bank found errors in 10 to 25 out of the first several hundred foreclosure cases it reviewed, the newspaper said in its electronic edition.

The problems included improper paperwork, lack of signatures and missing files, as well as cases in which information about the property and payment history being unmatched, the newspaper said.

The bank has not found any evidence of wrongful foreclosures, the newspaper said.

The bank found the errors while reviewing less than 1 percent of 102,000 foreclosure files that need review before going back to the courts in 23 states, the newspaper said.

All 50 U.S. states have started a joint investigation of the mortgage industry, focusing on allegations that, for years, banks have not reviewed documents properly or have submitted false statements to evict delinquent borrowers.

Bank of America could not be immediately reached for comment.

(Reporting by Jessica Hall; Editing by Lincoln Feast)

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BofA v. FDIC
The Federal Deposit Insurance Corp. has been sued by Bank of America, N.A., on behalf of investors whose claims were denied by the agency. The investors say they lost more than $1 billion because executives at two failed banks allegedly helped a subsidiary of Taylor, Bean and Whitaker Mortgage Corp. deceive them.

BofA, acting as trustee on behalf of Ocala Funding LLC, filed the federal lawsuit earlier this month in the nation's capitol against the FDIC as receiver for Colonial Bank and Platinum Community Bank.

Ocala is a wholly owned, special purpose, bankruptcy-remote subsidiary of Taylor Bean that only acquired loans from the failed lender.
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