Tag: Bank of America

Credit, Foreclosures, Timothy Kingcade Posts

Bank Of America Settles with Fannie Mae For $11.6 Billion

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Bank of America recently announced legal settlements exceeding $14 billion for its participation in fraudulent foreclosure processes and bad mortgages sold to its investors. BOA recently settled with federally backed mortgage giant, Fannie Mae, for $11.6 billion for selling bad mortgages to the company. BOA also agreed to stop collecting payments on $306 billion worth of mortgage loans to Nationstar Mortgage Holdings and Walter Investment Management Corp. Approximately $3 billion from the settlement were part of a deal between mortgage lenders and regulators to end a review of foreclosures mandated by the government. Experts say that the Bank’s agreement to the recent settlements is a step in the right direction.

Analysts estimate the lender’s settlements have amounted to $40 billion in mortgage-related settlements this past year. However, BOA is far from finished with legal troubles from its part in the real-estate crisis. The agreement does not settle the lawsuit brought forth by the U.S. Justice Department last year for bad loans sold to Fannie Mae and Freddie Mac. Also, Bank of America is still awaiting the court’s approval to settle for $8.5 billion with private investors.

To read more on this story visit: http://money.msn.com/business-news/article.aspx?date=20130107&feed=OBR&id=15963695#scptid

Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Bank of America Sued for $1 Billion by Federal Government over Mortgage Losses

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Last Wednesday, the federal government filed a civil lawsuit against Bank of America Corp. The lawsuit alleged that Bank of America misrepresented the quality of loans it sold to Fannie Mae and Freddie Mac, costing the federal government $1 billion in losses. The government is suing Bank of America under the Federal False Claims Act, which has become a popular tool for prosecutors seeking to hold banks accountable for alleged mortgage misdeeds and calls for triple damages when the government can show taxpayers were ripped off.
The government alleges Countrywide, which Bank of America acquired in 2008, dismembered quality control and checks on loan quality from 2007 to 2009, in a process called “the Hustle” that aimed to boost the speed at which it originated and sold loans to the companies. This procedure was created to speed up the selling process of mortgage loans. Wednesday’s suit was also brought under a federal statute known as the Financial Institutions Reform, Recovery and Enforcement Act, which was enacted in 1989 following a wave of bank failures triggered by the savings-and-loan crisis. This action isn’t Bank of America’s first False Claims Act suit. In February, Bank of America agreed to a $1 billion settlement of False Claims Act fraud allegations tied to Federal Housing Administration-backed loans brought by the Eastern District of New York. The bank settled without admitting wrongdoing.
To read more on this story visit: http://finance.yahoo.com/news/u-s–sues-bofa-for–1-billion-over-mortgage-losses-24401588.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Foreclosures, Timothy Kingcade Posts

Bank of America Offers Principal Reductions to Underwater Homeowners

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Bank of America recently announced that homeowners underwater on their mortgages will soon be receiving relief in the mail. The first wave of letters will be mailed out by the third quarter of this year to some 200,000 homeowners who may qualify for a principal reduction on their mortgages. Homeowners who qualify will save an average of 30% monthly on their mortgage or a total of about $150,000.
The homeowners who qualify must meet the following criteria:
1. They must be underwater on their mortgage.
2. They must be 60 days delinquent as of January 31, 2012.
3. Their monthly payment combined with insurance and other fees must account for 25% of their gross monthly income.
4. Their loan must be held by Bank of America, not a federally backed lender.
In March, Bank of America started a trial program for principal modifications for about 5,000 underwater homeowners. The bank disclosed that of these 5,000 homeowners, the combined savings reached approximately $700 million in just a few short months. Bank of America views this move as a way to hold up to their end of the settlement reached earlier in the year with the government as a result of the robo-signing scandal. Although the principal reductions are expected to relieve homeowners of much of their debt, it might also end up diminishing their credit scores. FICO spokesman, Anthony Sprauve said that as of now it is ‘undetermined how the reductions will be reported.’
To read more on this story visit: http://moneyland.time.com/2012/05/09/behind-on-your-bank-of-america-mortgage-relief-may-be-in-the-mail/
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Credit, Timothy Kingcade Posts

Bank of America Settles with the SEC for Lying to Shareholders

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Bank of America announced its plan to merge with Merrill Lynch in 2008, admitting that there would be a small loss in the beginning. As the deal was closer to becoming official, Merrill Lynch was taking major profit hits as high as $7.5 billion in one month. After internal emails were disclosed, it revealed that Bank of America executives knew of these outrageous profit losses and downplayed them to its shareholders. At one point, Bank of America ordered Merrill Lynch to sell off assets to compensate for the profit losses, knowing that this would decrease the value to its shareholders.
Four days later, shareholders met and approved the merger. At the meeting, the CEO at the time, Kenneth Lewis knowingly made inaccurate statements to persuade the shareholders to approve the merger with Merrill Lynch. Just days after the approval, Bank of America’s attorneys prepared documents to back out of the merger due to “new financial woes.” After shareholders learned of the financial crises going on at Merrill Lynch, stock in Bank of America dropped at excessive rates. The bank did not claim wrongdoing but settled with the SEC for $150 million.
To read more on this story visit: http://stopforeclosurefraud.com/2012/06/04/how-bank-of-america-execs-hid-losses-in-their-own-words/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+ForeclosureFraudByDinsfla+%28FORECLOSURE+FRAUD+%7C+by+DinSFLA%29
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com

Foreclosures, Timothy Kingcade Posts

Local Foreclosure Case has Banks and Courts Confused as to Ownership

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Abby Lopez of West Palm Beach found herself in a foreclosure trial, where even the bank was unsure who owned her home. Lopez bought her home in 2006 for $608,715. In September 2009 she was served with foreclosure papers. The trial that is now underway has proven just how faulty the paperwork of banks can be when it comes to mortgages. Emails have surfaced that prove bank officials are unsure if the bank that served the papers (Bank of America) actually owns the mortgage. HSBC Bank USA is the bank that is listed as the trustee that is foreclosing on the home. As many mortgages before, Lopez’s mortgage went straight to the Mortgage Electronic Registration System, which is now under investigation for keeping accurate records of mortgages.
In the emails, bank officials also discussed ignoring the lack of knowledge of mortgage ownership due to extra court fees that would be applied to change the plaintiff in the case. Lopez’s attorney said he is not expecting to win the home back for his client, which is now valued at only $189,343. However, he is determined to ensure that the correct party forecloses on the home.
To read more on this story visit: http://www.palmbeachpost.com/money/foreclosures/foreclosure-case-on-despite-glitch-confusion-2358300.html
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com.

Credit, Foreclosures, Timothy Kingcade Posts

Bank of America Gets a BIG Surprise at their Front Door

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The residents of a Liberty City neighborhood recently came together to clean up an abandoned property and later in the day planned on delivering the collected trash to a Bank of America branch. According to the Miami Workers Center, the home is owned by the Bank of America. Trenise Bryant, a member of the Miami Workers Center who organized the clean-up said, ”Banks maintain foreclosed properties in white neighborhoods why can’t they do the same in black communities?’ It’s bad enough these big banks put families out of their homes, now they just let the houses sit there bringing down the property value for everyone else in the neighborhood.”
To read more on this story visit: http://photoblog.msnbc.msn.com/_news/2012/05/03/11526492-protesters-in-miami-clean-garbage-from-foreclosed-homes-and-dump-it-at-bank?fb_action_ids=359465957435303%2C3864095560290&fb_action_types=news.reads&fb_ref=type%3Aread%2Cuser%3A1RchtAP5LJ9kvYUWzTJKGr9yz-8&fb_source=other_multiline
Choosing the right attorney can make the difference between whether or not you can keep your home. A well-qualified attorney will not only help you keep your home, but they will be able to negotiate a loan that has payments you can afford. Foreclosure defense attorney, Timothy Kingcade has helped many facing foreclosure alleviate their stress by letting them stay in their homes for at least another year, allowing them to re-organize their lives. If you have any questions on the topic of foreclosure please feel free to contact me at (305) 285-9100. You can also find useful consumer information on the Kingcade & Garcia, P.A. website at www.miamibankruptcy.com

Bankruptcy Law, Credit, Timothy Kingcade Posts

Bank of America Sells Credit Card Debts to Collectors Despite Inaccurate Records

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There have been countless lawsuits filed against collection agencies for unlawful debt collection practices. Agencies such as CACH LLC have been buying debt from banks, like Bank of America for a number of years. In many cases the banks are selling debt and not providing proper legal documentation as to who swore in the affidavits or who the actual debtor was. In other cases, Bank of America sold debt to CACH LLC, in which some payments had been made, but banks failed to credit the borrowers.
Thousands of lawsuits have been filed due to the inaccurate debt Bank of America sold to CACH. In many cases where collection agencies file a suit against a borrower and the borrower does not show up for the hearing, a default judgment occurs. However, in some cases the borrower will fight the claim in which the collection agency would be found at fault due to inadequate documentation. Many court officials believe the banks should be held accountable, because in these cases, the suits stem from their inability to produce adequate documentation.
To read more on this story visit: http://www.americanbanker.com/issues/177_62/bofa-credit-cards-collections-debts-faulty-records-1047992-1.html?zkPrintable=1&nopagination=1
If you are in a financial crisis and are considering filing bankruptcy, contact an experienced attorney who can advise you of all of your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys’ help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia, P.A. at www.miamibankruptcy.com