Posts Tagged Bank of America
Florida Couple Turns Tables on Bank of America: Arrives at Bank Branch with Deputy and Moving Trucks
In the latest case of wrongful foreclosures the tides have turned and a Florida couple takes on Bank of America by legally threatening to seize assets at a local branch.
Warren and Maureen Nyerges, along with an armed deputy and their lawyer, arrived at Bank of America with a court writ and an “all too familiar” legal choice.
Parked out front of the bank sat moving trucks ready to haul out Bank of America’s property since they had failed to pay the couple a court settlement of $2,500. Why did Bank of America owe Warren and Maureen $2,500? The Bank attempted to foreclose on their home 5 months ago even though the couple did not have a mortgage with Bank of America, in fact they had paid for the home in cash. A judge ordered Bank of America to pay for Mr. and Mrs. Nyerges’ legal fees but up until this point, the bank has failed to comply. Shortly after the couple and deputies presented the demands, Bank of America wrote Warren and Maureen a check leaving the Bank manager “visibly shaken” and finally paying what the court had ordered.
This story shows great hope and justice for Americans who have faced this all too common string of wrongful foreclosures. Here at Phillips & Garcia we have helped Americans fight large Banks with cases very similar to this one. You can find out about these cases and how to protect yourself at our website www.phillipsgarcia.com.
Today, Attorney Andrew Garcia from Phillips & Garcia Law is scheduled to appear at Federal Court in Sacramento, Ca. Today’s meeting is for a Rule 16 Scheduling conference for a case against America’s largest bank, . Your probably wondering “what exactly is a Rule 16 Scheduling conference?” Check out this link from the Cornell Law School.
You can follow Andrew’s twitter here, where he will be updating us on his day.
Phillips & Garcia is known for being a small yet powerful firm always fighting for the common consumer and their rights. They specifically select only a handful of clients in order to exert the right amount of time and care into each case. “All too often the rights of consumers are ignored by BIG corporations who are looking out for their bottom line.” From the insurance company to the big bank, Phillips & Garcia is always fighting for the rights of the common consumer.
If you are interested in learning more about his Business Legal Planning services, just contact him at firstname.lastname@example.org or by calling (508) 998-0800.
Allstate Corp. sued Citigroup, the parent company of CitiBank and CitiMortgage, and Deutsche Bank AG claiming that the banks hid the risks on more than $385 million of mortgage backed securities that it bought.
According to a report by Reuters, Allstate is among a growing number of companies that are suing banks that the insurance giant believes misled it about the safety of mortgage debt that went bad during the housing and foreclosure crises. Allstate has also sued Bank of America Corp. and JP Morgan Chase & Co., in similar lawsuits to recover losses on more than $1.8 billion of securities.
In the lawsuit filed on Friday in the New York state court, Allstate alleges that it bought more than $200 million of mortgage-backed securities from Citigroup and more than $185 million from Deutsche Bank. Allstate claims that it had been led to believe that it was buying highly rated, safe securities, most of which carried triple-A ratings backed by high-quality loans. Allstate alleges, though, that both Citi and Deutsche Bank knew that the loan pools were “toxic” and filled with loans to borrowers who were likely to, and often did, default on their mortgage loans. As a result, Allstate claims that it resulted in significant losses to the insurer.
In the lawsuits, Allstate is seeking to undo the securities purchases that took place between 2004 and 2007, or in the alternative to recover its lost principal and interest.
Lawsuits by investors like Allstate are just part of a growing trend of claims against banks that began securitizing risky mortgage loans. Citi already faces class action lawsuits against it by homeowners who are alleging that the bank misled and mismanaged their loan modification requests under the federal government’s HAMP program.
Attorney Andrew Garcia, your SouthCoast Business Attorney, is a principal of Phillips Garcia Law. Locally he has appeared live on WBSM-AM radio and nationally on NBC’s Today Show and Fox’s Fox & Friends program. If you are interested in learning more about his Business Legal Planning services, just contact him at email@example.com or by calling (508) 998-0800.