Leo Stoller
THE BANK OF AMERICA ACHILLES HEAL IN FENDING OFF FORCLOSURE IS THE SARBANES-OXLEY ACT SECTION 802 01/19/2010
 CHICAGO-(AEAE)-THERE DOES NOT HAVE TO BE 3 to 5 million foreclosures this year. Many of them are unlawful. However disadvantaged home owners who find themselves losing their homes do not know or realize that they are the victims of predatory lenders like Countrywide Financial who has been sued by the Illinois, California, Indiana and a number of other State Attorney Generals for predatory lending. See postings below. The Bank of America (BA) that owns Countrywide is in the business of profiting from the alleged deceptive trade practices that Countrywide and BA engage in by making deceptive loans to property owners who are then forced into foreclosure. After which Bank of America's other company Reconstruct Company swoops in like a scavenger and re-sells the foreclosured property to third parties. Thus Bank of America makes money on the predatory lending practices, drives the home owners into foreclosure and then profits from the re-sale through their Reconstruct Company in what clearly appears to be a Civil Racketeering scheme according to charges in a RICO lawsuit. The Achilles heal of Banks is the Sarbanes-Oxley Act Section 802 which was passed in 2002 as a result of the corporate scandals Enron etc. In addition the Banks lawyers go down also for their failure to report to the Security and Exchange Commission the “sins” of their masters. In order to fend off these unlawful foreclosures the parties must file Civil Racketeering lawsuits against these banks and their officers modeled after the Attorney General lawsuits. If every party who was being foreclosured upon filed Rico Actions it would solve the foreclosure crisis. Otherwise, everyone's real estate is going to be depreciated by an additional 25 to 50% within the next year. SIDEBAR: I wouldn't make fun of any party who is attempting to save their property by suing a predatory lendor. Unless you are of course a “fat” cat banker who took huge bonus on the backs of Americans Tax payers who bailed the bankers out. Then you can “laugh all the way to the Bank!” CommentsManalaus 01/17/2010 10:09pm
Sue the Bastards! 06/08/2010 12:34am
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