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How BofA Can Prove No Foreclosures Were Invalid

Posted By Barry Ritholtz On October 19, 2010 @ 9:50 am In Corporate Management,Credit,Foreclosures,Legal,Real Estate,Regulation | Comments Disabled

Want to eliminate uncertainty from the REO / foreclosure market and legal system? One simple SarbOX affidavit filed with the SEC will do it:

I hereby affirm that my staff (and I) have reviewed the current, pending and recently completed foreclosures. In no instances did we find any substantive errors, including: The wrong house being foreclosed upon; a mortgage note that was held by another bank (but not B of A) incorrectly used as a basis of a B of A foreclosure. Nor did we find that an incorrect house or person was foreclosed upon. Last, I affirm that no home without a mortgage was ever the subject of a foreclosure proceeding by B of A

_______________________________
Brian Moynihan, CEO
Bank of America

>

Bank of America is claiming that there were no mistakes made in foreclosures, despite widespread perjury, fraud, and omitted file and document reviews. I sincerely doubt that, given the Legal Impossibilities & Foreclosure Errors [1] we have already discovered.

However, investors have been skittish as more and more of the Fraudclosure issue has been revealed.

The simple solution to this issue: Have Bank of America CEO Brian Moynihan sign some variation of the attestation above, and submit that with the BofA Sarbanes Oxely filings.

This will put a lot of investors, Title Insurers, and REO Foreclosure buyers at ease.

Mr. Moynihan ?


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[1] Legal Impossibilities & Foreclosure Errors: http://www.ritholtz.com/blog/2010/10/examples-massive-foreclosure-errors/

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