BONY Mellon Sues Chase Bank et al for Misrepresentation

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see BONY Mellon Sues Chase et al Over Misrepresentations on Loans

It is interesting that at the same time that BONY Mellon has its name attached to foreclosures it is claiming exactly what the borrowers are claiming — misrepresentations about the loans themselves as well as misrepresentations about the mortgage backed securities allegedly issued by trusts in the name of BONY Mellon as Trustee.

The problem here is that while there are tantalizing hints about what was wrong with what Chase did, they don’t go so far as to say anything that would actually help borrowers (homeowners). Several commentators have singled out this pattern of non disclosure even in lawsuits and settlements. Elizabeth Warren brought it to light when she questioned investigators who found fatal defects in many if not most foreclosures. Matt Taibbi in Rolling Stone last week found that the settlements with the banks were really PR stunts to appease the public and confuse the judiciary.

The point is that all these cases are being settled for what appears to be big money. But if the allegations are true, then the settlements are actually fractions of a penny on the dollar. But everyone is afraid that if they blow the whistle on everything the repercussions will be vast — affecting the credibility of the Federal Reserve, the Department of Justice, and other regulators and officers of law enforcement. The fact that the effect has already been unimaginably vast — with 6+ million foreclosures and over 15 million displaced by crooked deals apparently is of no concern to the players, the government or even the insurers and investors.

Investors fail to realize that they can offset their losses by dealing directly with homeowners through servicers that actually represent their interests and that the investors are not bound by the pooling and servicing agreements because the loans never made it into the trust.

9 Responses

  1. Does anyone know how I can find out if New Equity Financial out of Kentucky went Bankrupt. I cannot find anything on them. James

  2. I believe Fannie and Freddie have more “say ” than we know
    I told this story once before on here, it goes like this:
    Lady was foreclosed upon but she had brought her payments up to date long before, but none the less.., foreclosed, she called Fannie Mae and told her story that person on the other end of the phone made it possible to be able to resell that house to her and she got a better deal than she had prior – the lady that told me this had no cause to lie and knew nothing of my litigation either.
    I’m just telling the story.

  3. @ JavaGold ,

    At the very least you are owed the overage on the sale… you will have to sue them. Freddy will ALWAYS deny that they are involved. That’s why they have the servicers foreclose for them.

  4. This is interesting because BoNY Mellon has been sued for misrepresentation, etc. with regard to mortgage backed securities by a pension plan. Does this mean that BoNY is suing itself? How can they sue Chase for the same behavior they have engaged in? It looks like the banks/banksters have absolutely no respect for the courts or judges, but we already knew that.

  5. One Year after.

  6. One after foreclosure at sheriff sale, that I fought for fraudulent ,post dated , robo signed assignments. The mortgage online account still shows as active and balance still due. Even though house sold for MORE than allegedly owed by a 3rd party. Come to find out BOA says money was sent to Freddie yet Freddie denies they have anything to do with foreclosures. Something ain’t right and its stench is everywhere !!!!!!

  7. Has anyone ever challenged the assignment??. Just before BOA settled with their big fine a few months ago, BOA transferred my mortgage, their “so called” interest to NationsMortgage.

  8. Neil – what a great article but like you said unfortunately none of us will ever be helped. I’ve already lost my home and property to BONY. In our search for another place to live we have learned that none of the foreclosure activity has shown up on our credit report. Not even a late house payment! How is that possible one might ask? I think it’s possible because as you have said over and over again – they were the pretender lenders. I am hoping that in the near future the floodgates will open up allowing for civil suits. I am hoping to recoup at least some of the money we took out of retirement in our attempt to claw back our house and property. It took Shapiro & Burson four years to wrestle it away from us – we went to Maryland’s highest court only to loose yet again.

  9. Its about dag gone time BONY Mellon grew a set balls!

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