Wednesday, January 18, 2012

Homeowner Takes on BOA for Foreclosure and Mortgage-Backed Security Fraud

Can Bank of America foreclose on a homeowner without showing any evidence that their client actually owns the promissory note?

Can a Mortgage-Backed Security sue for damages after they have already been made whole through credit default swaps and a negotiated settlement with the originator of the security?

One Georgia couple is about to find out.  They've filed a civil action against Bank of America claiming they were "induced" to default on their loan in order to qualify for a mortgage modification program, and that the bank is attempting to foreclose on them without showing that their client has any right to the debt owed on their home. 

read on...

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