Did Bank of America Commit Mortgage Fraud?

by | Nov 26, 2013 | Mortgage Debt

Oh yeah.  Bank of America was recently found liable for mortgage fraud due to sloppy loan origination from Countrywide Home Loans.  Bank of America acquired Countrywide in 2008 during the housing financial crisis.  Countrywide Home Loans was found to have processed mortgage applications at high speed without checking for fraud, misrepresentations, or other potential wrong doing.

https://www.usatoday.com/story/money/business/2013/10/23/bank-of-america-countrywide-mortgage-fraud/3172797/

The result of this was that many consumers entered bad loans, often with 1st and 2nd mortgages from the very beginning and with poor lending terms.  When the housing bubble burst many of these consumers were left with not only bad loans but severely underwater homes.  If you are a consumer with a bad mortgage contact a qualified debt settlement attorney.  A qualified debt settlement attorney can explain all the legal options available to you and then execute a plan based on your goals.

 

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Kevin Fallon McCarthy

Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.