Dailyfinance.com Story | By: ABIGAIL FIELD
“Testimony in a New Jersey foreclosure case decided last week may spell big trouble for Bank of America (BAC). If what one bank employee said on the stand proves to be accurate, paperwork problems it acquired when it purchased the failing mortgage provider Countrywide in 2008 could leave BofA on the hook for billions of dollars.
As first reported by Kate Berry for American Banker, Linda DiMartini, a supervisor and operational team leader for the Litigation Management Department of BAC Home Loans Servicing, testified in the foreclosure case of John T. Kemp that it was “customary for Countrywide to maintain possession of the original note and related documents.”If that’s true, then Bank of America may discover that it has millions of loans on its books that it thought it had transferred to trusts that issued mortgage backed securities, because 96% of Countrywide loans were ostensibly securitized. ”
This to me is the beginning of the prosecutions for this systemic fraud. If the assets (mortgages) were not transferred and yet the security prospectus spoke of assets being in the “trust” then someone committed security fraud big time. This is it. Let BoA fail prosecute the liars and thieves and let the American homeowner have relief from these liars and thieves.
I have never felt so good about a stock trade before.
Just bought 525 shares of SKF (ProShares UltraShort Financials).
It’s as though I am doing “God’s work.”
Thank you, thank you, thank you for this! We are even more ready than ever for our motion to dismiss hearing on Tuesday. The testimony in this case explains how BAC showed up with the original mortgage and note (with no assignment or allonge attached).
Matt, you are awesome!