Finally, trial judges are starting to wake up to the lies, the fraud, the perverse and improper incentives the banks, conspiring with the federal government are engaged in. Down here in the trenches, we’ve been screaming for years that the banks are conspiring against homeowners and everyday Americans, fabricating defaults, urging homeowners not to pay and then throwing them into foreclosure.
The phenomena is so widespread, it’s near universal. Well, now we’ve got it established in an incredible Trial Court Opinion….
The evidence adduced at trial and considered by the court demonstrated that Plaintiff breached its duties of good faith and fair dealing in contractual relationship with Defendants.
The evidence also demonstrated that Plaintiff was motivated to behave in such a manner as a direct result of the Purchase and Assumption Agreement; that is, Plaintiff stood to profit by declaring a fraudulent default under the subject loan, collecting from the FDIC under the PSA for such default, and then enforcing the subject loan against Defendants, and retaining the property until such time as a real estate turnaround occurred in hopes to dispose of the property at the peak of the market.
In fact, Mr. Bruni testified that Plaintiff may have already applied to the FDIC for a loss share payment on this loan.
Plaintiff might be “double dipping”, and possibly “triple dipping” if market conditions favorably change and the property likewise increases in value!