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Schadenfreude: Foreclosing on the Foreclosers - Biting Bank of America in the Assets

  • Posted on: 4 June 2011
  • By: GreyHawk

For anyone wondering what a good example of schadenfreude may be: this is. From the Daily Kos diary by Unit Zero, which first brought the story to my attention:

Warren and Maureen Nyerges purchased a house from Bank of America for cash, never getting nor needing a Mortgage. BoA in its infinite wisdom screwed up and issued a foreclosure through their attorney. The Nyerges fought and sued the bank, finally winning a judgment after a year and a half of legal wrangling. The Collier County Judge ordered the bank to pay the Nyerges legal fees of $2,534 for the "error". Five months later the bank had still not paid the judgment, so the Nyerges had their attorney do what the bank would have done, seize their assets.

This is one of the few times that one might interchange the term "schadenfreude" with "justice."

 

Bank of America, one of the crown princes of the Thieves Guild, has a habit of foreclosing on the wrong properties.

 

Sections: 

ForeclosureGate Deal - The Mandatory Cover Up

  • Posted on: 14 April 2011
  • By: MichaelCollins

Michael Collins

The Federal government is about to settle the ForeclosureGate affair, according to a report in the New York Times on April 9. The Times noted that twelve million homes will be lost by 2012. Home equity values are down by $5.6 trillion since the real estate crash.

The draft agreement released to American Banker shows another corporate-friendly deal designed to maintain the incumbent perpetrators at the expense of the people. (Image: zoonabar)

The proposed settlement culminates an effort by federal prosecutors to address strongly supported allegations of widespread mortgage fraud perpetrated on as many as sixty percent of current mortgage holders. Homeowners were sold mortgages, serviced for the loans, and, in some cases, subjected to foreclosure and eviction based on fictional contracts and collections practices that violate the most basic principles of contract law and specific federal code pertaining to fraudulent debt collection.

Thieves Guild: Bank of America Flubs Foreclosure, Seizes Wrong House -- AGAIN

  • Posted on: 17 January 2010
  • By: GreyHawk

Hat-tip Consumerist.

For some, the slogan "practice makes perfect" is a motto of encouragement to try again, try harder and achieve perfection. For Bank of America, it should be taken as a strong hint to try and do the right thing the first time, not to try and find a better way to seize the wrong house and then attempt to abstain from any recognizable responsibility.

It should be, but it's not.

BoA has apparently attempted to foreclose on the wrong house once again, according to an article by Laura Elder in the Galveston County Daily News:

Flushing Out the Ongoing Bank Fraud and Financial Terrorism

  • Posted on: 16 October 2009
  • By: Connecticut Man1

The number of foreclosure filings hit a record high in the 3rd quarter: "Despite signs of broader economic recovery,
number of foreclosure filings hit a record high in the third quarter -
a sign the plague is still spreading."

And banks are keeping losses off the books as they ignore the people that are not paying their mortgages:

JUAN GONZALEZ: And William Black, where is the outrage? It
seems to me, at this stage, with the—as the foreclosures continue to
escalate in numbers, and yet we’re seeing these enormous profits less
than a year after the financial crisis. There doesn’t seem to be the
kind of outrage, even in Congress, that there was six months or eight
months ago.

WILLIAM BLACK: There’s no palpable outrage, certainly not
in Congress. The reform efforts on derivatives, for example, are a
scandal. They exempt virtually all of the problem derivatives, and
they’re designed to exempt it. And that’s the bill that’s introduced,
and of course it’s likely to get worse with additional lobbying from
the special interests.

Link the things that you’ve just been talking about. You talked
about foreclosures reaching record highs. But in fact, foreclosures,
relative to delinquencies, are quite low compared to historical ratios.
In other words, banks have tons of folks who are not paying their
mortgages on time, and they’re not foreclosing. And the reason they’re
not foreclosing is, once you foreclose, you have to recognize losses
under the accounting rules. And the banks gimmicked the accounting
rules. They put pressure on Congress, and Congress put pressure on the
accounting profession to gimmick the accounting rules now about a year
ago. Now, these bonuses, of course, are paid compared to alleged
profits.
What happens if you understate your losses dramatically? You
report much higher profits and much higher bonuses. So this is a web of
fraud, in which they are getting as much as they can before the place
goes to hell in a handbasket again.

Here we are neck deep in debt to pay off the gambling debts of the bankers and now they are completely ignoring their very real losses that are piling up at a record rate simply so they can keep the bonus money flowing into their own pockets:

The Dow is Up but Your House is Gone

So here we have another bankster scam being waged on the consuming public. The scam is to create another "too big to fail" scenario as they make record profits and pay out record bonuses by rigging their books.

But the good news is the Dow is up.

So you or someone you care about is likely without a job or looking for more work. But the elite are rigging the system again, and you are going to fix things next time by voting for a Republican.

And what are these bankers with their Enron style accounting doing to help the homeowners that are on the verge of losing their homes? You can be certain that they are still out there offering ARMs to unsuspecting victims of their financial rape of the world.

And as for you? You get nothing but shafted:

THROW THE BUMS OUT - ALL OF THEM Senate Millionaires Kill Mortgage Assistance for Citizens

  • Posted on: 1 May 2009
  • By: MichaelCollins


Senate Millionaires Kill Mortgage Assistance for Citizens

 

The United States Senate took a swipe at the spirit of May Day in a spectacular show of callous indifference when it voted down a bill to provide limited assistance to citizens at risk for losing their homes.  The final vote was 45 in favor, 51 opposed to Senator Richard Durbin's (D-IL) mortgage assistance bill.  The original version of the bill covered some but not all of those requiring assistance.  The final version was even more restricted.  It applied to only homeowners currently in foreclosure as a result of actions prior to the start of 2009.

The denial of assistance to citizens by Senators is ironic given the fact that the origins of the current economic crisis came from Senate legislative actions in 1999 and 2000.

Making a Difference, by Doing the Right Thing!

  • Posted on: 22 November 2008
  • By: jamess

After Evicting thousands of Families in the last year, and enduring many gut-wrenching episodes, at the bequest of the Big Banks -- Illinois Sheriff Tom Dart, finally said:

ENOUGH!

Rachel Maddow thanks Tom Dart

http://www.youtube.com/watch?v=J7w0x09vFlc

Stranger buys foreclosed home, gives it back to owner

  • Posted on: 28 October 2008
  • By: feduphoosier

promoted by roxy - this is a beautiful story ...

My husband and I were driving around town this past weekend, and couldn't help but notice two huge, wooden signs posted in front of two homes in different areas of the city. Both advertised upcoming home auctions. We were horrified by the size of the signs and talked about how we hoped the people had already moved out and didn't have to suffer through that added humiliation.

We lost our business, and then (because we had spent all of our money trying to save it) our home in the upheaval following 9/11. We've been there. It's a nightmare.

Then we mused aloud about how fun it would be - if we had the money - to buy a foreclosed house at an auction and hand it back to the owner.

Just like Texan Marilyn Mock apparently did for a total stranger at a home auction Saturday... probably around the time we were having our little 'Santa' fantasy.

On re-registering to vote after foreclosure in Connecticut

  • Posted on: 22 August 2008
  • By: Connecticut Man1

I had figured, based on previous attempts, that it would be relatively easy in this town even if New Milford, CT used to be a very "red" part of Connecticut. This town actually voted for Lamont instead Joe neocon Lieberman in the last election... Just to give you an idea how it may have changed recently.

As for actually re-registering after our foreclosure, it was as hassle free and simple as filling out some paperwork out front of one of the local grocery stores. Local libertarians had set up a voter registration booth there on a busy afternoon.

Closer to home: evidence of the economy's downward spiral

  • Posted on: 28 February 2008
  • By: cho

These signs have been "springing" up in our little town. This was a family's home, not a trick by a speculator "flipping" a mortgage to make a quick buck. And down the street from this one, is another "foreclosed" house. It's empty now, the driveway not even plowed out from the last two snow storms.

Today's (2-28-08) Wall Street Journal reports on the Bush Administration's attitude: