Legal News

Put Bank of America's CEO in jail?

By Glen Ashman

It is time to start putting some bank executives in jail.  Falsifying notarized documents is a crime, and those prosecuted should include the CEO.   He should rot in jail for a long time (and needs to be taught a lesson).  States have been far too easy on the foreclosure scandal at BOA and other banks.  We also need to have lawyers complicit in this fraud disbarred.  They are giving all we lawyers a bad name.

Bank of America starts thaw in foreclosure freeze

AP

WASHINGTON ? The pace of U.S. home foreclosures may not slow much after all.  Bank of America said Monday that it plans to resume seizing more than 100,000 homes in 23 states next week. It said it has a legal right to foreclose despite accusations that documents used in the process were flawed...The bank's move comes two weeks after it began halting foreclosures nationwide amid allegations that bank employees signed but didn't read documents that may have contained errors. These employees have earned the nickname "robo-signers..." Bank of America had been the only lender to halt foreclosures in all 50 states. Other companies, including Ally Financial Inc.'s GMAC Mortgage unit, PNC Financial Services Inc. and JPMorgan, have halted tens of thousands of foreclosures after similar practices became public...A deposition released by the Florida attorney general's office revealed that the office manager at a Florida law firm under investigation for fabricating foreclosure documents signed 1,000 files a day without reviewing them. The manager also would allow paralegals to sign her name for her when she got tired, the deposition said. Cheryl Salmons, office manager at the Law Offices of David Stern, would sign 500 files in the morning and another 500 files in the afternoon without reviewing them and with no witnesses

Full post as published by It's (Barely) Legal on October 18, 2010 (boomark / email).