Foreclosure Strategies
May 10 2018
The best way to deal with a foreclosure is to take aggressive legal action when the foreclosure laws... [Read More...]
December 16, 2013 By
Bank of America
A federal jury has found Bank of America was responsible for mortgage fraud during the financial crisis. Prosecutors in the case are asking for approximately $850 million dollars in damages from Bank of America.
Banks Charged for Their Bad Behavior
It is important that the government, even though it is long after the fact, is taking the appropriate legal action to find banks responsible for their wrongdoing which created the mortgage crisis in America.
Homeowners Not Compensated
The settlement between the federal government, JP Morgan Chase and Bank of America allocates approximately $4 billion dollars in financial relief to homeowners who were victimized by improper mortgage practices. Considering the hundreds of billions of dollars homeowners have lost, this is a mere pittance. The government should have required a much larger fine from JP Morgan Chase for its improper mortgage actions and mortgage fraud.
Conclusion
The government’s action concerning illegal mortgage practices taken against large banks is too little too late!