Legal News

GMAC, BOA & Wells Fargo caught stealing

By Glen Ashman

In a series of descipcable criminal acts by Bank of America. Wells Fargo, and GMAC, the three lenders have engaged in a pattern of stealing homes from people who do not even owe them money.  One wonders why state prosecutors have yet to arrest bank officials for clear and deliberate theft and racketeering.  Here are some excerpts from a frightening MSNBC expose of the three rouge banks:

"Tom Williams was in his kitchen thumbing through the mail when he opened a letter from GMAC. It informed him that the bank would confiscate his house unless he immediately paid off his mortgage balance of $276,000. But Williams had never missed a mortgage payment. And his loan wasn't due to mature until 2032.
..Warren Nyerges opened his front door in Naples, Fla., to find a scraggly-haired summons server standing on his stoop. He plopped a foreclosure notice from Bank of America in Nyerges' hands. But Nyerges had paid for his house in cash. And he'd never had a checking account, much less a mortgage, with Bank of America...Homeowners in Florida, Nevada, Texas and Pennsylvania have filed lawsuits alleging that they were victims of mistaken foreclosure. In many of those cases, the bank went so far as to haul away belongings and change the locks on the wrong homes... Maria and Jose Perez of Seguin, Texas filed suit in October after Bank of America sent them a notice that their house was scheduled for a foreclosure sale Nov. 2. The couple say they are current on their mortgage payment and they have no loan with Bank of America. A trial is set for June 13... Equally puzzling is the case of Williams, the chief executive of a food distribution business in Kansas City, Kan. Williams lives in a 3,000-square-foot house with a luxurious patio and pool out back. Before his GMAC nightmare began, he says his credit score was 794 out of 800. "I've never been any days late on anything, ever," Williams says. But when Williams, 52, tried to pay his $2,500 monthly mortgage payment online on Aug. 5, he found out that GMAC had put a "stop" on his mortgage account..."

http://www.msnbc.msn.com/id/40571573/ns/business-us_business/

Full post as published by It's (Barely) Legal on December 08, 2010 (boomark / email).