The Scandal Surrounding Bank of America and the “Robo” Signing Case
Bank of America, although proudly being the largest financial institution in the United States and serving clientele from over 150 countries, came into the news yet again. Along with other money lending institutions in the United States, it was for what has commonly become known as the “robo” signing case.
Bank of America had already attracted itself enough negative publicity with the Meryl Lynch incident and the multi fraud accusations made against the institution by public services such as hospitals and schools in 2010. Now it has found itself in the top headlines again in the fall of 2010 for the “robo” signing case.
“Robo” signing has been used by many financial institutions besides Bank of America, such as JP Morgan Chase and Allied Financial. All of these companies being involved with the recent scandal.
“Robo” signing has taken place in hundreds of thousands of foreclosure property deals, where the bank, instead of in some cases going to court to legally acquire the foreclosed or REO property, have “robo” signed numerous documents. Hence stands the question of who do some of these properties from Bank of America foreclosures actually belong to and where do potential buyers stand who already made a deposit or down payment on a property before the scandal unfolded. The answer is that there is now a great shortage of foreclosure properties for sale. Also, there are hundreds of thousands of people who may potentially lose their homes because it was not the legal property of the bank or lending organization to sell.
The complications become endless, and the “robo” signing case has left a huge dent in the real estate market of the United States as well as a lot of uncertain property owners. Although Bank of America made a pledge to stop “robo” signing in all 50 states, it would physically be impossible to re-read and re-sign all of the already “robo” signed documentation for so many foreclosure properties. For the re-signing and re- reading of all the documents to take place, Bank of America would actually have to employ a great deal of personnel on a temporary basis just to complete this task. So although a pledge to stop “robo” signing has been given by Bank of America, it still does not help the unfortunate individuals who have unknowingly been caught up with this scandal while innocently trying to purchase their dream property. Quite a bit must still be done to resolve this issue of immense proportions. This all has caused more bad publicity for Bank of America that they don’t need.
[...] lenders such as Bank of America, JP Morgan Chase, and others were caught in the controversy over “robo” signing documents to expedite foreclosures. This practice left millions of customers and potential [...]
Recently my mom and I where served an eviction notice and given ten days to leave, my mom had just got out the hospital. She is too sick now to move! It all started back in 2008 when she took out a loan to help pay for her growing medical bills. When she applied for a loan the loan service r never left any documents. . Of course this was from a big bank, whom I am sure people know about ” B of A”. She tried three different times to get a loan modification, they refused to help! I found about the foreclosure in the local paper, we where never notified of anything! Thanks to sloppy work in the part of the bank and loan supervise and robo singing and miss information and documents that do not have the same dates! She was also told to not make any payments and that there would be no sheriffs sale. On the day she was told there would be no sheriffs sale, we where notified it was sold, right from under us! My mom is over 65 and she has several major medical problems including MS, Fibremaylgia a brain tumor and spinal problems. we have been lied too and I feel she was taken advantage of because of her health and age.
Why am I writing this? I am hoping to bring to light the greed of these big banks, and the outright illegal ways they do things! Further more, I am trying to give those a voice like wounded vets that come home only not only to lose an arm or a leg, but lose there homes! And older Americans that are taken advantage of along with disabled people. This is pure greed! Plain and simple. I should know my mom and I are victims of this! This needs to stop! I am sick of reading about people that have these loans and and are forced to pay more than the actual value of there homes, or when the mortgage rates go up with no notification! We need change! NOW Too big to fail? Or are they just too big to care? What really gets me is that the CEOs and bank executives get big paychecks, while we have homeless veterans, people losing there jobs, and children malnourished people forced to choose, make mortgage payments or put food on the table, or pay for life sustaining meds.Quite obvious that these “BIG” bans do not care, all they want is there money, who cares if someone has an illness or a wounded soldier defending our country and yes the people of these banks returns home to find out he or she has no home.
My hart and prays go out to those folks, it stuinks that these banks can do that, how can these people live with themselves??
I am another victim of the Robo signing. The large banks could care less about age and circumstances you are dealing with. My husband and I were first time home buyers with 4 children and no health problems and I was give the rn around when I tried about 5 time for a loan modification I was told that the paper work was processing and that the agent was reviewin it, and not to make any payments until everything went through while my mortgage was increasing i called and tried to get updates and I got nothing and I one day found a eviction notice and there was nothing i could do. We lost our first home and now we have bad credit and have to rent as a result.