Bank Of America Now Suing Itself In Foreclosure Cases

4501651351_6540d48316_nIn the latest phase of the foreclosure crisis, our nation’s biggest banks have reached a Zen-like state in which they resemble snakes eating their own tails, reports Forbes:

Here’s a sign of just how big and messy the foreclosure problem is: Bank of America has sued itself at least nine times in April.

That’s what lawyer and fraud expert Lynn Szymoniak discovered recently during a search for foreclosure filings in Palm Beach county Florida.”There are likely at least 100 examples of the same thing happening across the state,” Szymoniak says. “The company is literally seeking damages from itself in order to foreclose on the condo owner.”

“We are servicing the first mortgage on behalf of an investor and we own the second mortgage,” said Bank of America spokeswoman Jumana Bauwens [in regards to one case].


5 Comments on "Bank Of America Now Suing Itself In Foreclosure Cases"

  1. stick to mainstream ethics, don’t walk away

  2. Real Estate Appraiser | Apr 30, 2012 at 2:20 pm |

    Typical of our gov’t and the big banks that run everything. Keep it up 1%.

  3. All fear the ouroboros 

  4. Harveyjohnson | Apr 30, 2012 at 9:27 pm |

     The trend I have noticed over the past several years is people defaulting on their home payments and staying in those homes until they are thrown out by the bank. This costs banks billions. This process can supposedly take more than a year.  And in some states it is law that the procedure take a minimum of a year allowing the defaulter to catch up on his/her payments.  I think the banks are trying to find loopholes to speed up the process and kick those defaulting people out sooner than later.  They sue themselves and win.  No money changes hands ( I’m sorry it does, the courts and anyone else with their fingers in the pie get their cut).  As soon as they perfect this lawsuit deal I’ll bet it goes the robo signing way and gets sped up at a geometric rate.  Again all about the benjamins.  But then again what has changed?

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