Loan Reduction and St Louis Lending: Class Action Lawsuits Facing Banks

Commercial Lending and Commercial Lenders 877-334-0210

St Louis Mortgage and Real Estate News –

sSt Louis Finance and Commercial Loan Modification News: Class Action Lawsuits Hitting Banks Hard
St Louis Home Mortgage and Commercial Loans | Principal Reduction Program
877-334-0210 or 314-334-0210 | Floyd Tapia, Commercial Mortgage

Foreclosure-fraud class action lawsuits piling up against major banks across the United States is threatening a besieged industry with billions more in potential losses.

The class actions, which could be expanded nationally, seek damages for homeowners whose

properties were illegally foreclosed upon by banks using fraudulent documents.

Suits have been filed in Maryland, New Jersey and Massachusetts that target Bank of America Corp., Wells Fargo & Co., HSBC PLC and JPMorgan Chase & Co.

In Florida and Maine, Ally Financial, formerly known as GMAC Mortgage, is also being targeted.

Perhaps an even bigger threat are the lawsuits that contend the banks' foreclosure machinery amounted to a racketeering enterprise.

One such case, an Indiana lawsuit against Bank of America, was filed under civil Racketeering Influenced and Corrupt Organizations or RICO laws, which allow damages to be tripled.

The race is on for the banks to keep the scandal from metastasizing. Crisis management specialists are working around the clock to help banking executives stem the financial and public relations disaster.

Shares of Bank of America, the biggest U.S. lender, are already down 21 percent for the year, making it the biggest laggard in the 30 stocks that make up the Dow Jones industrial average.

Even if a settlement materializes with the state attorneys general, it won't necessarily stop all the class actions, although it could slow their momentum and limit their scale.

A settlement would also help assuage public distrust and outrage that is fueling a consumer backlash against banks.

The probe by the state prosecutors amounts to far more than an effort to root out the "robo-signers," whose back-office antics of signing thousands of foreclosure affidavits a day helped trigger the scandal.

Lawmakers are also pressuring the banks to re-engineer their entire mortgage and foreclosure process to rid it of what they say is systemic dysfunction.

For now, much of the talk in the banks' negotiations with the state prosecutors involves a possible compensation fund, modeled on the one created for victims of the BP oil spill, for people who went through foreclosure proceedings based on faulty documents.

Details are still hazy, but a consensus seems to be building that some kind of financial remedy is needed.

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