Litigation Value of Bank of America E-mails

Posted on March 14, 2011


First of all, if your client has one of the GMAC loans that they tried to hide from auditors, you now have a whole line of questioning in deposition regarding why those loans were erased, etc.

There’s a class action lawsuit against Balboa for their insurance fraud, and possible criminal indictments.

Proof that Bank of America deliberately lied to Federal regulators is probably an SEC violation.

Evidence that Bank of America was fraudulent in its review of HAMP applications is serious, but there is some challenge in finding a private right of action now as one is not listed in the statute.

There is also this:

“Balboa Insurance/Countrywide knowingly hiding foreclosure information from federal auditors during the federal takeovers of IndyMac Federal (a subsidiary of OneWest) and Aurora Loan Services (a subsidiary of Lehman Bros Holdings), falsifying loan documentation in order to proceed with foreclosures by fixing letter cycles in the system, reporting incorrect volumes to all of their lenders and to the federal auditors to avoid fines for falling behind on Loan Modifications, purposely and knowingly adjusting premiums for REO (Real Estate Owned) insurance for their corporate clients while denying forebearances for individual borrowers, etc, etc, etc.”

Now the above is a big one. An employee is saying that IndyMac and Aurora Loan Services FALSIFIED INFORMATION IN ORDER TO PROCEED WITH FORECLOSURES. Talk about a wrongful foreclosure case.

The intrepid litigator will immediately check all of their cases for Aurora Loan Servicing, Bank of America, the loan numbers listed in the previous post, IndyMac Federal, etc.

Now I don’t want to claim any credit here. The source of my information is I am just reposting the data because the web page is getting harder and harder to access.

I especially want people to pay attention to the loan numbers for the erased loans. I predict that commentators are going to wake America up tomorrow with reports that this load of e-mails wasn’t that important. Mostly because many reporters are lazy and don’t want to think that much, let alone read all that e-mail.

Don’t be fooled. It will be like the media coverage of Hurricane Katrina. First, they will tell you that everything is fine and there is no big problem just because they don’t see any. Then they will realize they were wrong and go all hysterical without venturing into the Superdome, hoping no one remembers their earlier reports.

The important aspect of today’s release are those loan numbers. On the surface, and in terms of the factor, there may not be much to report. But those numbers represent loans that were a serious problem for Bank of America. More information needs to be found out about them and what the exact problem was.

Today’s release of data was important, and contrary to what the PR people at Bank of America are going to say, it is enough to sink the bank. The reporters won’t see that at first, they will listen to the corporate PR types because today’s media is infected with deference to authority.

Don’t touch that dial!

Posted in: Attorney