Bank of America Under Pressure to Buy Back Bad Mortgages

Exposure is pegged at $46 Billion.

Palm Coast, FL – October 19, 2010 – Several sources are reporting today that institutional investors are pressuring Bank of America to buy back bad mortgages it picked up when it took over Countrywide Mortgage. Here are a few good links:
2 replies
  1. Carl
    Carl says:

    Ex-worker: Fla. law a ‘foreclosure mill’

    The following is a quote from Florida Realtors Org. McCollum is in charge and it will probably disappear. Wonder why he should be voted out.

    "PLANTATION, Fla. – Oct. 19, 2010 – Employees at a law firm that handled foreclosures for Freddie Mac and Fannie Mae changed thousands of documents and hid them in a room when company officials came to conduct audits, according to a sworn statement released Monday by the Florida attorney general.

    The law office of David Stern also enjoyed a cozy relationship with Freddie Mac and Fannie Mae, paying for hotels, rental cars and food for officials from the two federally chartered companies when they visited the law firm, according to a statement by Kelly Scott, a former legal assistant at the firm.

    McCollum has taken five sworn statements since the probe began Aug. 10, spokeswoman Ryan Wiggins said. Three were released Monday.

    Scott’s 63-page statement provides an inside look at how one firm allegedly rushed the preparation of foreclosure papers and hid problems from financial institutions such as Freddie Mac and Fannie Mae, which own or guarantee 56 percent of all mortgage"

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