Tag Archives: Bank of America

Woman Says Bank of America Foreclosed On Her Home Despite Making Mortgage Payments

PITTSBURGH (KDKA) – Imagine paying your mortgage on time every month, and your bank takes your home away anyway.

It may not make any sense, but it’s happening to some homeowners.

Since 2004, Kim Shibles’ beloved home has been the backdrop for everything from holidays to proms and more.

“I would like to have back what they took,” Shibles said.

That is until she was forced out of the house in 2016, after the bank foreclosed.

“It turned my life upside down,” she said.

Her attorney, Josh Denbeaux says it happened without Shibles ever having missed a mortgage payment.

“She paid every single month,” he said.

“We have the largest financial institutions in our country and they are absolutely fleecing America,” mortgage abuse attorney Linda Tirrelli said.

It all started in 2010.

“They solicited me for a modification through the mail,” Shibles said.

Shibles said Bank of America sent her an offer she simply couldn’t refuse – the chance to modify her loan by as much as $600 a month.

Read on.

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Banker faces no punishment in Bank of America case

NEW YORK — Bank of America Corp.’s Merrill Lynch unit paid $415 million last year to resolve allegations that it misused customers’ cash. On Friday, the US Securities and Exchange Commission finally got around to settling a case against the former bank executive who it said was ultimately responsible.

His penalty was considerably lower: Nothing.

William Tirrell, the former head of regulatory reporting at Merrill Lynch, negligently caused the firm to violate securities rules, the SEC said in an order Friday. The regulator ordered Tirrell to “cease and desist” from any future transgressions.

“The terms of the settlement — no fine, no suspension, no penalty — speaks for itself,” Steven Witzel, Tirrell’s attorney, said in an e-mailed statement. “After four years of investigation by the SEC, Mr. Tirrell is more than ready to put this matter behind him and move on with his life.”

Read on.

Bank of America to Pay $6 Million to Bankrupt Couple Evicted From Home

And I remember reading this story…

Bank of America Corp. has agreed to pay more than $6 million to a California couple whom a federal judge said had been harassed and illegally foreclosed upon by the bank’s mortgage unit, ending an eight-year-long dispute.

The proposed settlement between the bank and Erik and Renee Sundquist would enable them “to end a long personal and legal nightmare that has impacted every facet of their and their sons’ lives,” according to court papers the couple filed to request that their 2014 lawsuit against the bank be dropped.

The deal calls for Bank of America to pay a fraction of the fine of more than $46 million ordered by Judge Christopher Klein in March. In his ruling, the judge said the bank’s mortgage modification process and mistaken foreclosure on the Sundquists’ home in Lincoln, Calif., left them in “a state of battle-fatigued demoralization.”

The exact amount that the bank will pay the Sundquists is confidential, according to documents filed Tuesday in U.S. Bankruptcy Court in Sacramento. The earlier order called for the bank to pay the couple nearly $6.1 million in damages.

Read on.

Bank of America agrees to pay $2M over customer recorded calls

SAN DIEGO – Bank of America will pay nearly $2 million to settle a lawsuit alleging it violated state law by failing to timely disclose its automatic recording of phone calls with members of the public, San Diego County District Attorney Bonnie Dumanis announced Tuesday.

Under the terms of the court-approved judgment, which was entered without admission of liability, Bank of America will pay civil penalties totaling $1,635,000, and will reimburse the prosecutors’ investigative costs of $240,000.

Dumanis said her Consumer Protection Unit worked with similar units of the Los Angeles, Riverside, Ventura and Alameda District Attorneys’ Offices to reach the settlement.

The San Diego County District Attorney’s Office will receive $327,000 of the civil penalties and $48,000 of the costs.

Read on.

Former Bank of America executive, husband accused of embezzlement

A former Bank of America executive, her husband, and an associate allegedly embezzled about $2.7 million from the bank in an elaborate kickback scheme that ensnared several Boston and Atlanta nonprofits, according to the US attorney’s office.

Federal investigators allege that from 2010 to 2015, Palestine “Pam” Ace, 45, then a senior vice president in the Global Wealth & Investment Management division in Boston, fraudulently diverted money from the bank’s marketing budget to nonprofits, most of which were unaware of the scheme.

As a condition of a donation, Ace’s husband, Jonathan, 46, and Brianna Alexis Forde, 35, of Boston, demanded that the nonprofits give them a percentage of the money. In one case, Jonathan Ace threatened to release embarrassing photos and recordings of a nonprofit’s founder if he didn’t get a larger cut of the donation.

Read on.

Customers Complain BofA Is Drilling Safe Deposit Boxes And Losing Valuables

And safe deposit boxes are not insured…

SAN FRANCISCO (KPIX) — You might think a safe deposit box is the safest place for your most valued possessions, but according to a growing number of safe deposit box customers, you’d be wrong.

Three different Bank of America customers say they were blindsided when the bank recently drilled and emptied their safe deposit boxes without their permission or the required notice. They say the bank then lost or damaged tens of thousands of dollars worth of property that was removed from those boxes.

However, most shocking for some, the bank drilled the boxes due to missing account information that the customers say the bank had all along.

Read on.

Gay rights group turns down Bank of America’s money over HB2 compromise

The nation’s largest gay rights group plans to reject $325,000 in Bank of America sponsorships to protest the role bank executives played in brokering a replacement for North Carolina’s House Bill 2.

The Human Rights Campaign also slashed its Corporate Equality Index scores for the bank and for Blue Cross Blue Shield of North Carolina, which also took part in the talks. The score measures corporate support for policies that affect LGBTQ employees.

Andrea Smith, the bank’s chief administrative officer, and Charles Bowman, the North Carolina market president, were part of a small group of business leaders who helped negotiate the bill that repealed HB2 – known as “the bathroom bill.” The new measure, HB 142, prevents local governments from enacting LGBT protections for four years.