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thieves guild

Crown Prince of The Thieves Guild - Bank of America Hindered Federal Investigation

Via the Huffington Post,

NEW YORK -- Bank of America, the largest U.S. bank by assets, "significantly hindered" a federal investigation into the firm's faulty foreclosure practices on potentially billions of dollars worth of taxpayer-backed loans, a federal auditor told an Arizona court.

The bank withheld key documents and data, prevented investigators from interviewing bank employees or asking certain questions, and was slow to provide information, according to a June 1 declaration by William W. Nixon, a fraud examiner and assistant regional inspector general for audit for the U.S. Department of Housing and Urban Development inspector general's office.

Read the full story by Shahien Nasiripour.

The Bank of America has been playing a significant role in mortgage foreclosure fraud and obstructing investigations into their role in the whole mess.

They've become too big, and serve as a double-edged example of what happens when deregulation permits "too big to fail" behemoths to drive roughshod over our economic foundations.

Take your business elsewhere, if you can, when you can. Avoid servicing any members of the Thieves Guild, and call for re-regulating Wall Street and the banks.

Let's get our financial house in order by bringing order - and justice, accountability and due diligence - back to the forefront.

 

Hat-tip to lordrag of Delphi Forums for the heads-up.

 

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

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.

 

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From HuffPo: US Government Suing Deutsche Bank for $1 Billion

According to an article in the Huffington Post, the US Government is going after Deutsche Bank for at least $1 Billion for fraud:

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The Justice Department sued Deutsche Bank AG, one of the world's 10 biggest banks by assets, on Tuesday for at least $1 billion for defrauding taxpayers by "repeatedly" lying to a federal agency when securing taxpayer-backed insurance for thousands of shoddy mortgages.

MortgageIT, a subsidiary of Germany's largest lender, egregiously violated federal rules that came with government backing on more than 39,000 mortgages worth more than $5 billion since 1999, according to the lawsuit filed in Manhattan federal court.

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This could have an interesting impact on world markets if it's the start of an ongoing accountability initiative...(I know - wishful thinking...)

Keep in mind, Deutsche Bank is one of core members of the Thieves Guild.

Thieves Guild: Keeping Tabs on the Big Banks

For those who may be wondering what some of our illustrious "big" banks might be up to -- well, you're not alone. Seems like some of the big banks, part of what I like to refer to as the thieves guild, are under some form of investigation:

  Bank Investigations Cheat Sheet

The main players?

  1. Citigroup
  2. Credit Agricole
  3. Credit Suisse
  4. Deutsche Bank
  5. Goldman Sachs
  6. JP Morgan Chase
  7. Merrill Lynch (now part of Bank of America)
  8. Morgan Stanley
  9. UBS

It's always good to keep a finger on these things...

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

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:

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