Well, at least our government is serious about holding banks accountable when the violate the rights of some of 0ur citizens…..I’m glad to know they are taking the SCRA seriously and will continue to press for enforcement of this essential law. This is about the violation of due process rights…we can only hope that it will expand to the rights of all Americans….
Justice Department Settles with Bank of America and Saxon Mortgage for Illegally Foreclosing on Servicemembers Settlement Includes a Minimum of $22 Million in Relief for Victims
WASHINGTON – The Justice Department today announced settlements with two lenders under the Servicemembers Civil Relief Act (SCRA) to resolve allegations that the lenders wrongfully foreclosed upon active duty servicemembers without first obtaining court orders, in violation of the SCRA. Combined, the settlements provide more than $22 million in monetary relief for the victims.
Under the first settlement , BAC Home Loans Servicing LP, formerly known as Countrywide Home Loans Servicing LP, a subsidiary of Bank of America Corporation, will pay $20 million to resolve a lawsuit alleging that Countrywide foreclosed on approximately 160 servicemembers between January 2006 and May 2009 without court orders. In addition to the $20 million, Countrywide agreed to pay any servicemember wrongfully foreclosed in the period from June 2009 through 2010. The complaint alleges that Countrywide did not consistently check the military status of borrowers on whom it foreclosed through at least May 31, 2009. The complaint was filed in the Central District of California, where Countrywide is headquartered.
Under the second settlement, Saxon Mortgage Services Inc., a subsidiary of Morgan Stanley, will pay $2.35 million to resolve a lawsuit alleging that Saxon foreclosed on approximately 17 servicemembers between January 2006 and June 2009 without court orders. In addition to the $2.35 million, Saxon agreed to pay any servicemember wrongfully foreclosed in the period from July 2009 through 2010. The complaint alleges that Saxon failed to consistently or accurately check the military status of borrowers on whom it foreclosed through at least June 30, 2009. The complaint was filed in the Northern District of Texas, where Saxon is headquartered.
It’s apparent to me why the banksters “settled” the fraudclosures against members of our military…. These are honorable men and women who have a sense of duty. They have been trained very well to defend their honor and the people of the USA.
When these honor-driven warriors are discharged and they personally investigate the fraud perpretated agains them and their fellow veterans, there are likely to be “consequences” that could follow.
The banksters realize full well that history is replete with “revolts” led by disgruntled members of various national militaries.
The banksters also know that men and women who have served their country honorably are capable of righting the “personal results” caused by the dishonesty of the banksters.
After all, these trained warriors are fully capable of using weapons efficiently and of mounting sucessful campaigns to “liberate” fellow citizens and “reclaim territory” taken by an enemy…even if the “territory in enemy hands” is in the form of thousands of individual homesteads.
It makes sense to extend a “sop” to any military families who have had their property taken and lives forever changed…… Maybe the “worse senario” will not be visited upon the “leadership” of the enemy.
Hopefully, the banksters surmise, this “sop settlement” will suffice to placate any possible anger and action by all veterans and their fellow servicemen and women, armed and/or joined by formerly discharged comrades.