This decision is brilliant. If this actually is paid (which is some time off) then the large award to the homeowners who will gift most of it to the law schools in California will have penetrated academia and therefore the education of law students who will learn, for the first time, what is wrong with virtually all the foreclosures in the United States.
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A federal bankruptcy judge awarded $45 million in punitive damages for wrongful foreclosure to a Sacramento couple on March 23rd — much of which will go to University of California law schools.
The judge ruled the couple will give each of the five campuses — UC Berkeley School of Law, UC Davis School of Law, UC Hastings College of Law, UCLA School of Law and UC Irvine School of Law — $4 million of the punitive damages. The couple will receive a little over $1 million in actual damages despite suffering years of abuse by their loan servicer Bank of America.
Additionally, the judge ruled that $10 million of the punitive damages to both the National Consumer Bankruptcy Rights Center and the National Consumer Law Center. No comment if the couple believes a punishment of $1 million dollars compensates them for the trauma, health issues and life altering experience Bank of America subjected them to.
According to court documents, the couple filed a chapter 7 bankruptcy case to clear debt, thus enhancing their ability to pay Bank of America on a modified loan. After a discharge of the chapter 7 case, the couple received no benefit to their credit profile. The couple faced with “imminent foreclosure,” caused them to file a subsequent Chapter 13 case in order to move forward with loan modification. The combination of a Chapter 7 bankruptcy discharge followed by a Chapter 13 filing is sometimes referred to as a “Chapter 21”. This sequence allows a debtor to discharge unsecured debt in the Chapter 7 and then file a Chapter 13 to deal with secured debt.
Bank of America expressed their understanding that their performance in this foreclosure was not satisfactory and that they have since changed their processes in a public statement. Where have we heard that before? At this time criminal charges should apply.
“We believe some of the court’s rulings are unprecedented and unsupported, and we plan to appeal,” the statement from Bank of America said. This case showcases the fraud and incompetence that occurs by loan servicers who are attempting to engineer a foreclosure through intimidation and other illegal tactics. Bank of America participates in this type of unconscionable fraud on a daily basis. Despite a $45 million dollar fine, when you are making billions of dollars by illegally foreclosing, this is hardly a dent in the bucket.
Download Sundquist v. Bank of America opinion here
Filed under: foreclosure | Tagged: Bank of America |
Principal Secured Party,
Absolutely right ,, the BAR needs to be eliminated from all positions of power ,, it’s no different than the AMA or your local Teamsters branch,, their job is to gain and maintain control and run interference for their misbehaving members …
I said it once and I say it again, most of Miami Dade Judges and the Third DCA here are totally bias, unfair and will rule in favor of the banks NO MATTER what. There is no court system here in Miami Dade any longer, instead we might as well have the banks presidents sitting in as both trial and appellate judges.
The Justice System is neither. It has disappeared and we better get ready for what’s in store for us.
May GOD help us.
What do those law schools have to do with anything other than a handout? This is a typical Obama tactic, similar to the bank ‘settlements’ that went to third parties of no interest.
Dog and Pony show making it appear they got help when in fact it is all going to attorneys. The courts are all rigged, everyone now knows it. The STATE BAR of California even admitted it in a leaked document we saw this week. Judge seats go to the highest bidder. This award also says that they do not have to address their mortgage payments until the 46 million is paid out, so do they still have a damn mortgage that never existed to pay??? This couple has gone through hell and who is benefitting ATTORNEYS!! This is just a bone thrown to distract from the fact, it is all identity theft, counterfeiting documents, land records aka CRIMESCENES of America , corrupt courts…this was done as a joke, you know the damn schools are not who deserve this couples settlement! Nothing changes until we shut down the corrupt courts, they are mere corporations! There are no mortgages and we know from whistle blowers it is the usurpation of the COLB account at the Fed Reserve Window, big fat ZERO owed at closing as it is all paid and the homeowner is the Principal Secured Creditor! THIS MUST END!!!
READ THIS!!! Click on the STATE BAR document and see, the STATE BAR OF CALIFORNIA admits the courts are all corrupt and paid for!!
More out of California…and those of us who have sent claims for attorneys filing fraud into the court know just how corrupt this all is…Foreclosure mills buy off judges all the time..here comes more investigation time spent on their own claims and not on the fact the entire ABA needs to be shut down…
This is a confidential report that was leaked from deep inside the State Bar, it shows ore groups of lawyers abusing expense accounts, dealing in questionable real estate transactions, misleading state legislators and Supreme Court Judges . Most disturbing the report show that the State Bar has admitted that Judge positions in the state are available to the highest bidder, or the biggest crooks- Joe Dun, James Towery, Van Horn, and the law firm of Girardi and Keese
Link to document here
https://www.scribd.com/document/343684706/State-Bar-Jayne-Kim-Calls-for-Investigation-of-Bar-for-Improper-Activity-from-Bar-s-Chief-Trial-Counsel
Sign petition to end BAR control of America!!!
http://www.thepetitionsite.com/618/171/785/demanding-an-end-to-lawyer-bar-control-of-america-reestablish-the-13th-amendment-now/?taf_id=35022726&cid=fb_na#bbfb=377545056
@Donald Brandt,
YUP , that’s the M.O. find for the harmed party and redirect the award to a gov’t agency or political friend, in this case a gov’t funded school. Never give the harmed party money (ammunition) to fight on or help others. As far as I’m concerned this is damn good proof of a conspiracy to continue the TBTF narrative until not only the wheels fall off but it’s burning in the ditch. I lost all respect for law enforcement and the courts about 20 years ago… I doubt in my lifetime it will ever recover enough ethically to be granted respect.
Richard F. Davet
PO Box 10092
Cleveland, OH 44110
Phone 216-772-8166
April 2, 2017
Via Email & US Mail
Atttn: Mr. Brian T. Moynihan, Chairman of the Board and CEO
Bank of America
C/o Ross E. Jeffries, Jr.
Corporate Secretary Bank of America
214 N Tryon St,18th Fl
NC1-027-20-05
Charlotte, NC 28255-0001
RE: YOUR FIDUCIARY DUTY SHAREHOLDERS/STAKEHOLDERS REGARDING MATERIAL MISREPRESENTATIONS OF THE FINANCIAL STATEMENTS, DERELICTION OF DUTY OF THE BOARD OF DIRECTORS AS A RESULT OF FRAUD ON AMERICAN COURTS UNDER THE COLOR OF LAW AS A PLAYER/PARTNER IN “THE GSE BUSINESS MODEL”- A MODEL CALLED BY EVERY CREDITABLE SCHOLAR “FATALLY FLAWED”
Dear Mr. Moynihan:
I call to your attention the recent news article reporting the matter of Sundquist v Bank of America in which there was a $ 46 million dollar judgment entry. After reviewing the matter as a longtime shareholder stakeholder intimately familiar with the modus operadi of Bank of America, I was shocked to read in the Charlotte Observer a report that the bank plans to appeal the matter.
As a shareholder/stakeholder I have reviewed the matter from the perspective of a shareholder/stakeholder and as a result of my experience of the past 21 years understanding the mischief of Management at Bank of America , its adverse impacts, calling to the Management and Board the folly of their tactics that has now cost shareholders over $200 billion by your own admission. My recommendation to you is to forget any appeal effort and to immediately pay the judgment in full in a forthwith fashion. You and I as well as the Board know that despite the sizable award Judge Christopher Klein did not have half the story. If he did have the full story– God help you all AND GOD HELP THE SHAREHOLDERS. It is in the shareholders best interest to pay the judgment and put effort behind correcting the problems outlined by the Judge generating such an award as it would be much cheaper that way.
As a lawyer by education, you know, as a result of my 21 years calling it to the banks attention that in my own case the bank falsely and fraudulently invoked the jurisdiction of the Ohio courts by claiming to be the “holder” of my mortgage note which was untrue an didn’t acquire the note until three years after the foreclosure was filed. No concession of error was ever filed in the court thus wasting judicial resources and perpetuating the fraud for over 21 years under the color of law the genesis of which was a blatant lie. The bank was not the “owner and holder” merely a predatory servicer bent on collecting disputed fees ignoring the consequences of such conduct and how they affect people’s lives. I am not unique nor are the Sundquists or the thousands of others..
I do business consulting work and this time I am submitting my invoice for services in reviewing this matter which is attached hereto. I ask that you forthwith accept and enter the invoice for immediate payment in the interest of shareholders. Please confirm by return email.
Sincerely,
/S/ Richard Davet
Shareholder/Stakeholder
Rfd/cc
Cc: Mr. Brian Moynihan
Mr. Mark Casella, Price Waterhouse outside Auditor
Ms. Christine P. Katziff, Internal Auditor, Bank of America
Comptroller of the Currency
James H. Cheek, Bass, Berry & Sims PLC
Alex Vasilescu, U.S. Securities & Exchange Commission
David G. Leitch, General Counsel, Bank of America
The Honorable Jed S. Rakoff, United States District Judge
Philip G. Barber, Senior Enforcement Counsel
Office of the New York State Attorney General
Mr. Jack O. Bovender, Lead Independent Director
Richard F. Davet
PO Box 10092
Cleveland, OH 44110
Phone 216-772-8166
April 2, 2017
Atttn: Mr. Brian T. Moynihan, Chairman of the Board and CEO
Bank of America
C/o Ross E. Jeffries, Jr.
Corporate Secretary Bank of America
214 N Tryon St,18th Fl
NC1-027-20-05
Charlotte, NC 28255-0001
INVOICE
_______________________________________Consulting services
RE: Sundquist v Bank of America
Review and Recommendation
3 day (minimum) Review @$3,800.00 per day plus expenses
$11,400.00
DUE UPON RECEIPT
The Judge couldn’t bring himself to compensate the victims adequately – $1Mil out of a $46Mil fine??? Disgusting. This has been the typical court MO. DOJ collects billions in fines from the banks and the victims get shinola. The fix is still in at all levels of the judiciary.