Foreclosure Fraud - Fighting Foreclosure Fraud by Sharing the Knowledge


Tuesday, December 28, 2010

Why Don't Shareholders Care

Bank of America is paying Taxes on properties that it has no right to foreclose on, trying to establish right of ownership, this is a given.   (1) they have not established they have this right, and local ordinances do not care where the money comes from.    But Shareholders should be ashamed when the Corporation is paying for updates to properties, and other costs.

BAC and other big bank -toxic asset holders are also paying out funds for example that should be given to shareholders in dividends -

Insurance in some mortgage securities are built into the payments - which are part of mortgage securities it cannot prove it owns.     If a bank cannot prove it can foreclose in court, why are they paying insurance and diluting the shareholder asset??

The monthly or yearly insurance costs are paid and are listed on the banks books as liabilities.  And Shareholder assets (Cash) are being paid off the books and will not be recouped.   This comes at a time when the government has mandated Flood insurance and inflated the costs structure of an ordinary home's insurnace cost.

When will a class action suite be filed against the banks for money spent for nothing in return?

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