Tag Archives | Bank Of America

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].

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Matt Taibbi: Bank of America is a “Raging Hurricane of Theft and Fraud”

HurricaneVia F The Banks:

Matt Taibbi speaking at an Occupy Wall Street day of action, February 29th, 2012. He wrote this article for OWS, and passed it out to the crowd.  It’s an informative and urgent call to action for Americans from all walks of life.  We are happy to be the first to publish it.

There are two things every American needs to know about Bank of America.

The first is that it’s corrupt. This bank has systematically defrauded almost everyone with whom it has a significant business relationship, cheating investors, insurers, homeowners, shareholders, depositors, and the state. It is a giant, raging hurricane of theft and fraud, spinning its way through America and leaving a massive trail of wiped-out retirees and foreclosed-upon families in its wake.

The second is that all of us, as taxpayers, are keeping that hurricane raging. Bank of America is not just a private company that systematically steals from American citizens: it’s a de facto ward of the state that depends heavily upon public support to stay in business.

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Bank of America To Charge Customers Fees Unless They Buy More Products, Have Enough Money

Bank Of OpportunityReports the Week via Yahoo News:

The banking giant is attracting criticism once again, with a plan to make checking accounts a whole lot more expensive Bank of America is working on “sweeping changes” that would levy new fees on customers with checking accounts, The Wall Street Journal reports. Proposed fees, ranging from $6 to $25 a month, could only be waived if customers meet certain requirements that favor the bank — by keeping a minimum balance, taking out a mortgage, or switching to online banking. The report comes months after Bank of America withdrew a proposed $5 monthly fee for using debit cards, after suffering a backlash from customers and lawmakers alike. Unsurprisingly, the new fee plan is already being slammed: Sen. Richard Durbin (D-Ill.) calls it “a challenge that cannot go unanswered.” Is the bank’s scheme outrageous?

Of course. Banks are extorting customers: It’s bad enough that BofA tried to instate the $5 fee for debit card users, says Hamilton Nolan at Gawker.

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Was Blagojevich Arrested On Corruption Charges After Going Up Against Bank of America?

Site' editor's note: Former Illinois Governor Rob Blagojevich was sentenced to 14 years this week after being convicted of a wide range of corruption charges, including the allegation that he tried to sell the Senate seat vacated by President Obama. You won't see the talking head presttitutes discussing the fact that former Governor Rob Blagojevich was arrested exactly one day after he announced he was "...asking all Illinois government agencies to suspend business with Bank of America" ... Here's Rod Blagojevich uncensored on We Are Change Chicago:
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Bank of America Hands Out 30,000 Pink Slips To Boost Profits

American Union BankAaron Cynic writes at Diatribe Media:

Bank of America announced it would send 30,000 more people to the unemployment line in a massive layoff in the hopes of cutting costs. The majority of people cut would be those working in data centers and deposit systems, according to reports from Bloomberg.

The layoffs are part of a plan by CEO Brian T. Moynihan, who wishes to cut $5 billion in annual costs in order to bolster the bank’s profits and stock:

“Profit is under pressure mainly because of losses, legal costs and writedowns tied to the 2008 takeover of subprime lender Countrywide Financial Corp. At the same time, revenue is shrinking as the U.S. economy slows. Moynihan has said that because the bank is one of the biggest consumer lenders, its fortunes are closely tied to home prices and the jobless rate.”

According to some admittedly unscientific data, the average salary for a Bank of America job is probably right around the $50,000 per year mark.… Read the rest

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Bank Of America Pays $410 Million To Settle Accusations Of Charging Illegal Overdraft Fees

2845694549_b181546fc7Can we charge Bank of America an overdraft fee?  The San Francisco Gate writes:

Bank of America has agreed to pay $410 million to settle a lawsuit in which the lender is accused of manipulating debit transactions to maximize overdraft fees. The agreement is believed to be the first financial settlement by a large bank in a case alleging deceptive overdraft practices. It may presage the outcome of related claims against 30 other lending institutions, including Wells Fargo, Citibank, Chase, Union Bank and U.S. Bank.

San Francisco’s Wells Fargo is embroiled in a separate lawsuit in federal court in San Francisco brought by California customers. That case started before the multistate legal action, but has not concluded because Wells has filed an appeal.

In August, U.S. District Judge William Alsup issued a scathing ruling ordering Wells Fargo to pay its California clients $203 million. He said the bank’s goal was to “maximize the number of overdrafts and squeeze as much as possible” out of customers.

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The Bank of America Data Leak Starts, Thanks To Anonymous

Bank_of_AmericaIn November 2010 Julian Assange created much consternation among banking circles by revealing that WikiLeaks had material that could take down a major bank, which was later revealed to be Bank of America. However, despite or maybe because of Assange’s arrest in Britain, the leak was not forthcoming … until now, it seems.

The group Anonymous has announced an initial BofA release on its Twitter feed and the link to a .rar compressed file is here. The group’s website BankOfAmericaSuck.com appears to be down as of this posting, probably because it’s overwhelmed (or perhaps BofA has attacked it?).

The disinformation team hasn’t had a chance to analyze the leaked material from BofA yet – anyone who has please post your thoughts in the comments.

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Ever Want to Yell at 300 Billionaires Who Helped Wreck the Economy? (Video)

USUncutAt Bank of America's first Investor Conference in three years (3/8/11), organizers from US Uncut crashed the event to protest corporate tax dodgers and public service cuts. The room was packed with 300 hedge fund managers, institutional investors, & asset managers. What US Uncut said:
When corporations like Bank of America don't pay their fair share of taxes, we have to 'cut' teachers, firefighters, and public servants. Do you pay your taxes? So do we. Why don't corporations pay their fair share, just like everyone else? Bank of America is Bad for America. Bank of America pockets Billions in profits and bailouts, but $0 in American taxes — that's immoral and un-American.
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Activists Target Bank of America With Feb 26 ‘US Uncut’ Invasion

The "UK Uncut" anti-austerity activities have brought British banks and stores to a standstill as activists demand that the beneficiaries of government bailouts pay their share of taxes. The success of the actions has inspired American activists to stage their own "US Uncut" measures with the first, targeting Bank of America, set for February 26, 2011. The organizers are recommending that participants watch the British video on how to do a "Bail-In": The group explains why BoA is the first U.S. target:
Despite ruining the economy with their reckless greed, Bank of America has consistently avoided any form of accountability...
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