Daily Archives: May 15, 2014

Couple alleges foreclosure fraud by Bank of America

bank of america fraud

Chris and Maria Friscia are going public with what they believe is foreclosure fraud by their bank. (Carrie C. Causey/ Herald Weekly photo)

CORNELIUS – After raising children at their home and running a successful business, a Cornelius couple is risking it all to stand up to a bank they believe is committing fraud.

Chris and Maria Friscia claim that after calling Bank of America out for alleged forgery and stopping their mortgage payments, more “illegal” actions were made to documents to start the foreclosure process. They are at risk of losing their home and have spent thousands of dollars fighting back. To warn others of the alleged foreclosure fraud by falsifying documents, the couple has created a Facebook page and hung signs on their lawn proclaiming, “We exposed Bank of America fraud & forgery on our note. Now they are illegally foreclosing on our home. Stand with us!!”

“It’s disgusting,” Chris said, citing other cases this has happened.  “This isn’t just us. If it was just me, I understand it would be a selfish motive. This isn’t about me.”

Multiple phone calls were made to representatives of Bank of America, who said they wanted to look into the case before making comment.

Chris and Maria moved into their home in 2003 with their two kids, now aged 21 and 14. Three years later, they refinanced with the mortgage company Countrywide. Bank of America bought the company in 2008.

Starting in 2010, companies, including Bank of America, JP Morgan, Wells Fargo, Ally Financial and Citigroup, were called into question regarding foreclosure fraud. Federal investigations found the banks signed foreclosure-related documents without a notary and without knowing if the facts were correct.  In 2012, the National Mortgage Settlement required banks to pay a total of $25 billion in relief to distressed homeowners and to the government.

Concerned about their own mortgage, the Friscias requested their original bank note in 2011. They received a photocopied version that contained Chris’ initials in a spot that had originally, erroneously been left blank. But Chris said, he was never contacted and deemed the new initials a forgery.

“If they had just called and said ‘hey, can you sign this,’ there wouldn’t have been a problem at all,” Maria said. “But anything forged is a breach of contract making it null and void.”

Maria said they stopped making payments on the house, but keep the funds in a separate bank account.

Read on.




Why Is Bank of America Closing Iranian Students’ Accounts?

Why Is Bank of America Closing Iranian Students’ Accounts?

Students across the world grow up dreaming of the opportunity to study at the best universities the United States has to offer, either to bring their skills back to their home country or to start a new life in the land of opportunity. Many go to great lengths to achieve that dream, and are heavily dependent upon the financial lifeline that their family or others have extended to them from their home countries. Iranians are no different, despite the differences between the U.S. and Iranian governments.

However, across the country, many Iranian students are having their financial lifeline severed, often with little or no warning, by one of the largest banks in the United States: Bank of America.

Due to a sudden, unnecessary and — most of all — discriminatory change in bank policy, Iranians and Iranian Americans across the country suddenly try to use their debit cards to make a purchase or withdraw money from an ATM, only to find that their accounts have been frozen effective immediately. When they try to get answers from the bank, they are often subject to a Kafkaesque bureaucratic run-around before a person with proper clearance is found, at which point the process begins anew.

The bureaucratic fight to re-open an account can drag on endlessly with little indication as to when, if ever, the issue will be resolved and they will be able to access their own money. Meanwhile, these students are hit with late fees for failing to make payments and often have to try to borrow money from friends to make ends meet. Their only crime is that they were born in Iran. None of them have a nuclear program hidden in their student dorms.

This entire process is unjust: nobody should fear that their bank could very well take away their money for an extended period because of where they are born.

These Iranians are innocent of any wrong doing yet, on the simple basis that they were born in Iran and do business with Bank of America, the bank has upended their lives by denying them the right to access their money — all out of a misguided fear of violating U.S. sanctions. This policy is discriminatory and wrong, undermines the protections that should extend to everyone that calls America home, and directly threatens the ability of Iranians to pursue their dreams.


Leak Of Geithner Testimony In AIG Suit ‘Serious,’ DOJ Says

Leak Of Geithner Testimony In AIG Suit ‘Serious,’ DOJ Says

Law360, New York (May 15, 2014, 12:00 PM ET) — The U.S. Department of Justice raised the alarm to the U.S. Court of Federal Claims over a leak to the media of confidential testimony by former Treasury Secretary Timothy Geithner and other top officials in a $55 billion lawsuit challenging the government bailout of American International Group Inc., according to a Thursday court filing.

The confidential deposition testimony of two former leaders of the Treasury, Geithner and Henry Paulson, as well as the testimony of former Federal Reserve chief Ben Bernanke, were publicly revealed in a…


FHFA COO Chief Denies Threatening Former Agency Director

FHFA COO Chief Denies Threatening Former Agency Director

Law360, Washington (May 15, 2014, 2:57 PM ET) — The chief operating officer of the Federal Housing Finance Agency plans to “vigorously defend” himself against a felony charge for allegedly threatening to shoot the agency’s former acting director, his attorney said on Wednesday.

Before a brief court appearance in D.C. Superior Court on Wednesday, Richard Hornsby’s attorney, Marlon Griffith, told reporters that his client has had a “very distinguished career with no issues whatsoever,” and maintained that Hornsby would be “exonerated” in time.

“He intends to vigorously defend his case, his name and his character,”…


Credit Suisse : nears $2.5 billion settlement to end tax-evasion probe: WSJ

Credit Suisse : nears $2.5 billion settlement to end tax-evasion probe: WSJ

(Reuters) – Credit Suisse Group AG is expected to plead guilty and pay nearly $2.5 billion to U.S. authorities to end a probe of potential tax evasion involving the Swiss bank, the Wall Street Journal reported, citing people familiar with the discussions.

The business daily said under the terms being discussed, the bank will pay about $600 million to New York state’s banking regulator and $100 million to the Federal Reserve, in addition to about $1.7 billion to the U.S. Justice Department.

A settlement could come as early as next week, the paper said on Thursday. (http://r.reuters.com/ruc49v)

Massachusetts Attorney General calls for federal investigation into Christie/Baker scandal

Great article.


“Bankruptcy court corruption is not just a matter of bankruptcy trustees in collusion with corrupt bankruptcy judges.” — AG John Ashcroft

Deadly Clear

By Sydney Sullivan

gavel moneyEvery day I hear more stories about alleged corruption in the courts, not only when it comes to foreclosures, but also bankruptcy – especially when families are trying to protect their homes. It is more than obvious that the system is flawed.

Judges are not necessarily adapt, specifically educated or predisposed to this new form of securitization…these quasi-securities called NTMs (nontraditional mortgages). Nor are they willing to risk their investment portfolios and mutual funds to protect the average citizens in America.

View original post 2,814 more words

AMAZING VIDEO: Tara, family cat, saves boy from neighborhood dog attack at California home

Dog will be euthanized, police said


That’s how cats roll! In this case, that’s how Tara rolls! KERO reports about incident (video is posted on KERO. Warning graphic content) and how the heroic female and family cat saved the boy from the dog attack. 


Wells Fargo Home Lending Launches “What Makes A Home” Contest

Wells Fargo Home Lending Launches “What Makes A Home” Contest

DES MOINES, Iowa, May 12, 2014 (BUSINESS WIRE) —Wells Fargo & Company’s WFC +0.43% home lending division announced today that it will give away three $250,000 cash prizes to three contestants who submit, in words and images, their answer to the contest question: “What makes a place feel like a home?” Consumers can learn more and enter the contest online at www.wellsfargo.com/homecontest .

To be eligible, consumers must submit a complete mortgage loan application for the purchase of residential real estate with Wells Fargo Home Mortgage between April 1, 2014 and August 31, 2014. Mortgage applications are not required for contestants in AZ, CO, IA, MD, MN, NJ, ND or TN.

“Today’s interest rates make it a good time to buy a home,” said Greg Gwizdz, Executive Vice President and National Retail Sales Manager with Wells Fargo Home Mortgage. “Consumers who are ready to purchase a home may be working with their local realtor to find a home. We hope that they will also start a conversation with one of our home mortgage consultants to complete a loan application and submit an entry for the chance to win $250,000.” Winners may use the money to pay down a mortgage, renovate, decorate or spend their winnings however they choose.


Wells Fargo CEO: We’re not too big to fail (and that’s good)

Wells Fargo CEO: We’re not too big to fail (and that’s good)

In a Q&A, Wells Fargo & Co. CEO John Stumpf talks European vs. American bank sizes, chasing lower-credit customers and why the bank isn’t interested in a naming-rights deal with the Minnesota Vikings.

The Star Tribune has the interview with the bank executive, who was in Minneapolis Tuesday for the groundbreaking of the Downtown East project. Wells Fargo (NYSE: WFC) will have about 1.1 million square feet of office space (enough for 5,000 employees) in the development, which sits next to the new Minnesota Vikings stadium.

Stumpf tells the paper that Wells Fargo probably won’t be a naming-rights sponsor for the stadium. That’s not a surprise, since the bank and Vikings fought hard over Wells Fargo’s placement of big signs on its rooftop, which could be visible in aerial gameday shots. ( They worked it out.)

The Q&A also touches on the “too big to fail” issue. Stumpf calls failure “an important part of the free enterprise system” and doesn’t think Wells Fargo meets the threshold, but adds that the Dodd-Frank regulations have fixed the problem anyway. He also draws a line between U.S. banks, whose assets are much smaller than the overall economy, and European ones, whose assets can actually be bigger.