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Mega-Banks? Confidence in Shutting Down Foreclosure Fraud Scandal Undermined By Reality

By Implode-Explode Heavy Industries

"Bank of America seems to think that they can just substitute fraudulent documents for ?real? ones to the courts, snap their fingers and have this whole foreclosure mess evaporate. Needless to say, nothing?s that simple. First of all, as Georgetown professor Adam Levitin points out, the idea that they could resolve this entire thing in a couple weeks, after years of foot-dragging on mortgage modifications and the like, strains credulity. As Ohio Attorney General Richard Cordray, who?s suing GMAC, said in a statement, ?They tell us that they have fixed the problem in a matter of weeks. We?re certainly not going to take their word for it.?"

Full post as published by Mortgage Lender Implode-o-Meter on October 20, 2010 (boomark / email).