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The Home Equity Theft Reporter: S. Florida Foreclosure Mill Faces Civil RICO Charges In Suit Seeking Class Action Status; Allegations Include Manufacturing Phony Mortgage Assignments

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Federal Lawsuit in St. Louis, CT Alleges Bank of America isn’t Using Federal Bailout Money, Seeks Class Action Status KMOV, January 4, 2011, 4:32 PM Bank of America faces increasing scrutiny as homeowners start to fight back against foreclosure policies. A lawsuit has been filed in St. Louis federal court seeking a class action against the company.

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Testimony at a hearing on Dec. 8 by the U.S. House Committee on Financial Services documented how the foreclosure crisis is getting worse. Laurie Goodman, senior managing director at Amherst Securities, a leading broker/dealer specializing in trading mortgage-backed securities, testified that in the third quarter of 2009, 14.1 percent of borrowers – or 7.9 million homeowners – did not make.

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