Everyday, Bank of America defrauds hundreds of thousands of its customers along with innocent borrowers who have loans that are either originated or serviced through Bank of America or its predecessor, Countrywide Home Loans, Inc.
Despite having been fined several billion dollars by various state and federal Agencies continuously over the last four years, Bank of America continues to defraud the public and abuse the court system against innocent victims that are unable to fight back. Although Bank of America was forced to pay billions in fines, those dollars have not trickled down to the victims who have lost their homes, had their credit destroyed, lost their jobs, lost their retirement, and lost their ability to live the American dream.
As to why does Bank of America continue to defraud people, the answer is also sadly simple. It has to continue to use fraud as a daily business principle because it has committed so much fraud in the past, that it must continue to use fraud to cover up the past fraud. It is that unending cycle of deception your parents warned you about when you told your first lie - if you tell a little lie now, your lies will get bigger and bigger to cover up the previous lies, until you lose the meaning of truth.
Bank of America, through its predecessor Countrywide Home Loans, Inc., originated 3.5 million loans between 2003 and 2007 that were neither funded nor owned by Countrywide Home Loans or Bank of America. These loans were derived from credit lines established by the Federal Reserve to Countrywide, which were public funds.
Because the fraud committed by Bank of America is so extensive, complex, and sophisticated, it would be impossible to outline even a small percentage of the fraud that takes place on a daily basis, in a single writing.
We can however, expose one small segment of Bank of America's fraud that affects 3.5 million homeowners and involves approximately $10 billion in home loans. If you are one of those 3.5 million borrowers/homeowners you should go to
and read our entire synopsis.
If, after reading our synopsis, you feel as outraged as you do helpless, there are at least two small things you can do. You can get online and send emails to Bank of America to let them know you know of their fraud, and insist that they stop. The second thing you can do is send emails to the US District Court: Central District of California, and demand that it stop allowing Bank of America to commit this foreclosure fraud.