Homeowner ‘securitization theory’ BofA claim dismissed

Therefore, she alleges, Bank of America was neither entitled to continue to accept payments on the account, nor was it entitled, once her account was in default, to sell her account to Defendant Cavalry. In 2011, after Ms. Scott had defaulted on her account, Bank of America allegedly sold the account to Cavalry.

Bank of America Merrill Lynch is the lead servicer for the private-label reverse mortgage securitization. Bank of America will service the actual loans. The two servicers declined to be named.

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It is the first case where a prospective class of affected homeowners victimized by subprime lending abuses has directly sued an investment bank by linking civil rights and consumer laws. It is also the first lawsuit to connect racial discrimination to the securitization of mortgage-backed securities.

A federal judge eventually dismissed. Citi, Bank of America, and GMAC (now called Ally Financial)-over allegedly abusive mortgage and foreclosure practices. More than $25 billion in relief was.

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The $764.4 billion in total assets that Wells Fargo & Co. gained from wachovia enabled wells Fargo to elbow its way into the trillion-dollar bank club with JPMorgan Chase & Co., Bank of america corp .

Meanwhile, American Securitization Forum deputy executive director tom deutsch has dismissed the delaying tactic, pointing out that homeowners are just postponing the inevitable. He explained that the original mortgage note is electronically stored and can be found eventually.

FOR THE EASTERN DISTRICT OF PENNSYLVANIA SELENA A. SCOTT, : CIVIL ACTION. J. NOVEMBER 21, 2013 In her Amended Complaint, Selena Scott brings several claims against Bank of America, Bank of America Consumer Credit, Bank of America Funding, and Cavalry SPV based on. rather than directly.

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In the District Court proceeding Bank of America and the debt buyer had moved to dismiss Scott’s Amended Complaint, arguing that the critical premise on which Scott’s claims rely-that once a credit card company securitizes the receivables of a credit card account, it no longer retains an ownership interest in the account-was incorrect.