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Business
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Title: Nevada Lawsuit Shows Bank of America’s Criminal Incompetence
Source: Naked Capitalism
URL Source: http://www.nakedcapitalism.com/2011 ... icas-criminal-incompetent.html
Published: Aug 31, 2011
Author: Yves Smith
Post Date: 2011-09-01 12:51:51 by lucysmom
Keywords: None
Views: 6340
Comments: 15

It’s pretty remarkable that Mr. Market shrugged off the devastating implications of the amended lawsuit filed by the Nevada attorney general, Catherine Masto against various Bank of America entities. As we’ve stated before, litigation by attorney general is significant not merely due to the damages and remedies sought, but because it paves the way for private lawsuits.

And make no mistake about it, this filing is a doozy. It shows the Federal/state attorney general mortgage settlement effort to be a complete travesty. The claim describes, in considerable detail, how various Bank of America units engaged in misconduct in virtually every aspect of its residential mortgage business.

The case argues on two tracks: it seeks to overturn the legal shield provided by a 2008 consent decree with Countrywide, since, in simple terms, Countrywide and BofA have flagrantly disregarded it. The case argues a separate series of claims, based on the same fact set, in case the consent decree is deemed to be operative.

The complaint describes abuses from the very outset of the securitization process: how borrowers were mis-sold mortgages (it describes how entire products were effectively predatory), how investors were misled as to their quality, how they were not conveyed properly to securitization trusts, how borrowers were subject to abusive servicing (as in charged improper and impermissible fees), how promises made under the old consent decree regarding mortgage modifications were violated (for instance, even though interest rate reductions were promised, instead modifications often resulted in HIGHER interest rates), and the filing of fraudulent paperwork to execute foreclosures.

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Begin Trace Mode for Comment # 5.

#4. To: lucysmom (#0)

At 41: COUNT I - VIOLATIONS OF THE NEVADA DECEPTIVE TRADE PRACTICES ACT

At 44: COUNT II - VIOLATIONS OF THE CONSENT JUDGMENT

At 45: PRAYER FOR RELIEF

nolu chan  posted on  2011-09-01   14:05:12 ET  Reply   Untrace   Trace   Private Reply  


#5. To: nolu chan (#4)

For some reason material linked to Scribd doesn't show up on my computer.

lucysmom  posted on  2011-09-01   14:08:07 ET  Reply   Untrace   Trace   Private Reply  


Replies to Comment # 5.

#6. To: lucysmom (#5)

Let me know if this is better, or if you can at least view it at the scribd link. This is in Flash format, the previous in HTML5.

http://www.scribd.com/doc/63745572/Doc-63-Nevada-v-BoA-DCNV-3-11-cv-135-SECOND-AMENDED-COMPLAINT

Doc 63 - Nevada v BoA, DCNV 3-11-cv-135, SECOND AMENDED COMPLAINT

nolu chan  posted on  2011-09-02 12:08:15 ET  Reply   Untrace   Trace   Private Reply  


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