United States — In a reversal of the smidgen of accountability forced on Bank of America for its role in the 2008 financial crisis, a U.S. appeals court threw out a jury’s verdict — and with it, the $1.27 billion fine BoA would have paid for mortgage fraud.
Though the Department of Justice had alleged Countrywide Financial Corp., which was purchased by Bank of America in 2008, had sold Fannie Mae and Freddie Mac thousands of bad loans through its “Hustle” mortgage program, the Second Circuit Court of Appeals in New York found insufficient evidence to back charges of fraud. Continue reading →
About 3 months ago, two properties adjacent to ours were put on the market.
The first house was a foreclosure, currently owned by Fannie Mac. We expect this property to be on the market quite some time, as it has not been updated since the original owner bought it in the early 1960s. We have nicknamed it the squirrel condo, as the 15-foot rotted facia along the roof line has been chewed by the little tree rats, and they have gained access to the attic. We also call it a beehive, as the siding is so damaged and rotten that bees have infested all accessible areas and chase any lawn mower away from their protected territory.
The first time a contractor came to mow this property after it was listed, they damaged our lawn with an eighteen foot arc that cut through our sod and destroyed our lawn up to a foot and a half over the property boundary. We estimate the actual value of this home to be about half the listed price, and pray any potential buyer has the wisdom to have an independent inspector check it over before signing a purchase agreement. We have reported the roof line to the city environmental officer, who is supposed to enforce codes that would require repair.
The other property, an identical house to ours without some of the add-ons this house received, just sold. I met my new neighbors today. Continue reading →