New York prosecutors sue Bank of America over Bad Loans On Wednesday, federal prosecutors in New York took aim at Bank of America. They accused it of carrying out a scheme, started by its Countrywide Financial unit, that defrauded government-backed mortgage agencies by churning out loans at a rapid pace without proper controls. In a civil suit, prosecutors seek to collect at least $1 billion in … [Read more...]
Mortgage Modification – How Banks Take Homeowners for a Ride
Mortgage Modification. More like Mortgage Mortification. My friend Sue lost her primary source of income in early 2009 with one day's notice. That's when she decided to apply for mortgage modification assistance through her bank - Wells Fargo/Wachovia. Show Date: June 17, 2010 The key criteria for receiving mortgage modification approval at Wells Fargo/Wachovia - like most banks … [Read more...]
Mortgage Refinancing Nightmares: Bank of America. Villa Appalling.
Mortgage refinancing and mortgage financing nightmares courtesy of Bank of America. Does it get more appalling? These mortgage horror stories were recounted on Consumer Affairs. Julius of San Diego CA (04/03/09) I live in San Diego, but do not own a home here. I wanted to purchase a home in Tennessee. I went online and started the BOA No Fee Mortgage process. A BOA representative called me, … [Read more...]