Error Claims Cast Doubt on Bank of America Foreclosures in Bay AreaBy Matt Drange and Amy Julia Harris, Center for Investigative Reporting and Elizabeth Wagner, NBC Bay Area Published: April 25, 2013 Joji Thomas was desperate to save his home. The San Francisco mechanical engineer sold his car, tapped into his wife’s savings and begged friends for money.
A Comma Gives Legal Victory To AIG Over Bank Of AmericaThe placement of a comma in a law written in 1919 was the deciding factor in an appeal between American International Group Inc (AIG) and Bank of America Corp (NYSE:BAC). American International Group Inc (NYSE:AIG) has beaten Bank of America Corp (NYSE:BAC) on an appeal in its mortgage fraud suit-because of a single comma.
Wells Fargo outlines defense to DOJ mortgage-fraud lawsuitBy Bernard Vaughan NEW YORK (Reuters) – Lawyers for Wells Fargo are arguing that the U.S. Justice Department lacked specifics in its mortgage-fraud claims against the bank and waited too long to bring the lawsuit, a closely watched case that relies on a once-obscure law created after the 1980s savings-and-loan scandal.
Bank of America will settle one mortgage lawsuit, but analysts quickly turn to the next oneNEW YORK – As soon as Bank of America puts one mortgage-related lawsuit behind it, another always seems to rear its head. The bank announced Wednesday that it would pay $500 million to settle a class-action lawsuit led by pension funds and other investors who say they were misled about $350 billion worth of mortgage-backed investments they bought from Countrywide, a mortgage lender Bank of America bought in 2008.
Bank of America reaches pre-litigation settlement with NCUA for RMBS losses | LexologyWe use cookies to customise content for your subscription and for analytics.If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy. Register Now As you are not an existing subscriber please register for your free daily legal newsfeed service.
States Fight Back Against MERS Mortgage FraudMERS: The Center of the Mortgage Scam A prominent economist said about the 2008 financial crisis: “At the root of the crisis we find the largest financial swindle in world history”, where “counterfeit” mortgages were “laundered” by the banks.
Banks Roused by the CFPB’s Database of ComplaintsWhen the Consumer Financial Protection Bureau in January 2012 proposed creating a free, public database of consumer complaints against credit-card issuers, financial firms urged officials to reconsider. In letters to the agency, trade groups argued that doing so would expose trade secrets and breach customer privacy.
Prudential Sues Bank of America for ‘Racketeering’ – TheStreetNEW YORK ( TheStreet) — Prudential Financial has sued Bank of America , alleging the bank and Merrill Lynch engaged in “racketeering” in connection with mortgage-backed securities sales, according to a Reuters blog post. Prudential spokesman Bob DeFillippo confirmed the insurer “did bring an action against Bank of America that concerns residential mortgage backed securities,” but offered no further comment.
Bank of America to pay $165 million to settle lawsuitThe association has filed similar lawsuits against other banks and has won a combined $171 million in settlements from Citigroup, Deutsche Bank and HSBC. It still has lawsuits pending against Barclays, Credit Suisse, Goldman Sachs, JPMorgan, RBS, UBS and others.
MBIA Wins Ruling on Loan Buybacks in Bank of America LawsuitMBIA Inc., the bond insurer suing Bank of America Corp. to recover losses tied to mortgage loans, won an appeals court ruling that the lender could be required to repurchase securitized loans even if they arenât in default.
BofA, H&R Block, Citi Sued for $309 Million by Trust Over MortgagesA unit of Bank of America Corp.’s Merrill Lynch was sued by a trust seeking more than $309 million in damages for alleged breaches of representations and warranties related to the sale of more than 5,000 mortgages.
Kansas couple: Indoor gardening prompted pot raidLEAWOOD, Kan. (AP) – Two former CIA employees whose Kansas home was fruitlessly searched for marijuana during a two-state drug sweep claim they were illegally targeted, possibly because they had bought indoor growing supplies to raise vegetables.
Freddie Mac Sues Multiple Banks Over Libor ManipulationFreddie Mac (Bank of America Corp. (JPMorgan Chase & Co. ( FMCC) sued BAC), UBS AG (UBSN), JPM) and a dozen other banks over alleged manipulation of the London interbank offered rate, saying the mortgage financier suffered substantial losses as a result of the companies’ conduct.
Supreme Court Knocks Down Goldman SachsBy Lawrence Hurley and Jonathan Stempel WASHINGTON (Reuters) – Goldman Sachs Group Inc suffered a defeat on Monday as the U.S. Supreme Court let stand a decision forcing it to defend against claims it misled investors about mortgage securities that lost value during the 2008 financial crisis.
Realities Behind Prosecuting Big BanksAre banks too big to jail? If there was any doubt about the answer to that question, Eric H. Holder Jr., the nation’s attorney general, last week blurted out what we’ve all known to be true but few inside the Obama administration have said aloud: Yes, they are.
Lawsuit: Bank of America Manipulated Financial Information creating DefaultN. James Turner,Orlando Personal Finance Examiner Jim Turner is a Consumer Rights Attorney Practicing in Orlando, Florida. He received a B.S. in Accounting from Bentley College, with highest honors, in 1972 and his J.D. degree from the University of Miami School of Law, cum laude, in 1975.
Introduction
The judicial system in the United States is unique insofar as it is actually made up of two different court systems: the federal court system and the state court systems. While each court system is responsible for hearing certain types of cases, neither is completely independent of the other, and the systems often interact. Furthermore, solving legal disputes and vindicating legal rights are key goals of both court systems. This lesson is designed to examine the differences, similarities, and interactions between the federal and state court systems to make the public aware of how each system goes about achieving these goals.