Shocker… Bank of America Doesn’t Have Documents
A few weeks ago, the press was alive with stories of Wells Fargo and their Foreclosure Procedures Manual, which explained how they created the “Ta Da!” endorsements (as in the endorsement was missing, but “TA DA!” we found it and now we’re going to take your home).
Every day in court I watch a parade of foreclosure plaintiffs getting judgments one right after the other based on facts that should preclude a judgment of foreclosure. One right after the other, they’re changing the plaintiff name on the day of trial, or they’re asking the judge to change the name on the title the court has issued after they’ve sworn for years under penalties of perjury that the current plaintiff owned the debt and was entitled to enforce it.
Foreclosure is (largely) a lie. A shell game. A con. And it’s a con that our courts are more than happy to play along with. But the recent regulatory action demonstrates what people like me have been saying all along.
THE BANKS ARE LYING ABOUT THEIR DOCUMENTS AND WORSE, FABRICATING THEM
Here’s the story:
Ted Tozer, the president of Ginnie Mae, says he has held up the transfer of servicing rights by Bank of America “for an extended period” because the bank is not complying with agency’s guidelines that require all mortgage documents be delivered to custodians in a timely manner.
“Issues are coming up now because documents are missing,” Tozer said Tuesday. “It’s a new phenomenon with the major banks getting out of the servicing business. We don’t want to transfer the risk to a new servicer.”