Wednesday, August 3, 2011

Side Deal With Bank Of America Would Cede Liability In Exchange For Homeowner Relief

BoA in talks with states to settle wrongful foreclosures - other banks in early talks as well. 

With all the major banks attempting to settle wrongful foreclosures, the courts cannot be far behind in forcing the banks to at least submit proper paperwork that is legally sufficient.  To date, it seems the banks are allowed to simply make up their documents, with no consideration of the language in them, the legal status of the entity acting, or the capacity in which they act (as agent, nominee, or in its own name).  These terms matter - one cannot act in his own name if he has no interest in the mortgage.  One cannot act as an agent for an entity that itself has no interest in the mortgage.  This has got to stop.

Check it out HERE

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