As a result of the recent investigation launched by the Florida Attorney General’s office, Bank Of America, GMAC Bank, JP Morgan Chase, and others, have all been found guilty of foreclosure fraud.
Depositions by the banks employees revealed that the banks have been forging, falsifying, and fabricating documents in order to foreclose on millions of homes owned by unsuspecting American homeowners.
Additionally, Wells Fargo Bank has admitted to 55,000 counts of perjury in submitting false affidavits to the courts in its efforts to fraudulently foreclose on homeowners.
To add to this disgusting, and arrogant display of lawlessness by the banks, nothing has been done by the Justice Department, or any other federal officials in the way of civil or criminal charges against the banks, until now.
Recently, The Arizona and Nevada Attorney Generals have filed a civil lawsuit against Bank Of America for fraud against homeowners seeking loan modification, and hopefully there will be more lawsuits on the way, as the Obama Administration has also launched a Financial Fraud Enforcement Task Force to investigate and prosecute financial crimes in the lending and financial markets. As bank fraud has already proved to be pervasive, lets hope that this task force has the political will and integrity to prosecute the banks, and the corrupt attorneys who represent them.
These are essentially mortgages that the banks knew they did not own, but were willing to break the law in order to put homeowners out on the streets to satisfy their insatiable greed for even more money.