Class Action Lawsuit Says Bank of America and Wells Fargo Caused Mortgage Fraud

Law

Ally Financial is a class action lawsuit company that specializes in helping individuals who are having difficulties with their auto loans. The company is run by Brad Spear and his partner Michael Cohen. They have helped many people resolve financial hardship and have a very solid track record with this type of case. Their history has earned them many faithful customers who trust their abilities to help them resolve their economic hardships.

The class-action lawsuit concept was developed by progressive philosopher Karl von Clausewitz, who was a staunch critic of the war.

His main thesis was that if you were to take any action, even if it was the wrong one, you would help make the world a better place. For Clausewitz, this meant standing up for your rights and obtaining compensation for those who have been harmed by another’s failure to do so. For example, if someone was injured by another’s negligence, and that person sued the individual defendant, the plaintiff would seek damages from that person as well as any others who were involved in the accident. This is called a class action. In the United States, this concept is commonly referred to as “class action.”

According to Brad Spear, president of Ally Financial, “cases like this require a lot of hard work on behalf of the attorneys.”

The lawyers, in this case, are all very experienced, and they have to bring the best evidence and strategy to the courtroom. This is where the role of a class-action lawsuit specialist comes in. These lawyers specialize in taking cases to trial. It takes a long time to win such a case in the lower courts, so it is wise to seek representation from one of the top-class action lawsuit firms in the country, such as Allied Financial.

Ally Financial’s class-action lawsuit focuses on its My Loans from Banks Program, which it says has hurt its borrowers by increasing the interest rate on their auto loans. It is also suing Bank of America for not correcting an interest rate on a sub-prime mortgage loan that the bank started using when approving loans. Allied Financial says that the rate on this loan was improperly adjusted without warning, and had proper approval by regulatory authorities. Allied Financial contends that the regulators’ decision to temporarily halt the rate increase was based solely on the lowering of the economic cycle. “The regulators had no basis whatsoever for doing this,” Brad Spear told shareholders at a meeting this week.

Other suits are also being brought against Bank of America, Countrywide, Chase, and Wells Fargo.

The suits against these banks all accuse them of engaging in practices designed to keep their borrowers from paying what they owe. For instance, Countrywide was sued by a group of Maryland mortgage brokers who say that the lender routinely pushed mortgage brokers into a scheme that required them to collect monthly payments from borrowers who were behind on their auto leases. The state court found Countrywide guilty of this practice, but the company appealed to the US district court. The suit was eventually dismissed.

Wells Fargo was also sued by a group of Maryland home mortgage brokers who say the lender engaged in a campaign to force them to sell underwater deals at artificially low prices. A class-action suit against Wells Fargo was recently brought by the United States Department of Justice. In addition to charging Wells Fargo with price-fixing, the suit says the lender violated the Fair Debt Collection Practices Act by requiring homebuyers to settle for less than their homes are worth. Another lawsuit, from the state of California, charges that Countrywide intentionally trained its borrowers to lie about their credit scores to get better financing. A class-action lawsuit stemming from the case charges Countrywide and other lenders with running the “debt trap” on borrowers. Bank of America, Countrywide, and Wells Fargo are currently facing a class-action lawsuit stemming from their handling of the subprime mortgage crisis.

One thought on “Class Action Lawsuit Says Bank of America and Wells Fargo Caused Mortgage Fraud

  1. Wells Fargo Fraudulent Mortgage

    While recovering from PTSD and a suicide attempt, a local builder with access to a Wells Fargo branch prepared a manufactured HUD mortgage BEFORE we met him. After we met him, we agreed to $175,000 for a Modular home. Instead, a manufactured, the builder submitted the appraisal, and there are two separate mortgage “Truth in Lending” papers. The engineer never inspected the house. It is physically impossible to go under the crawlspace. We now owe $188,000, just paid $6000 for a new drain field, and we were told the house couldn’t be repaired the following week. Statute of Limitations? Well, I reported this every year for fourteen. If Wells Fargo (and they are the ones I want), When does the rule begin if the crime is not acknowledged?
    I have black-and-white proof of the predatory loan, my doctor and hospital records, and more!
    Wells Fargo broke HUD’s RESPA Law. HUD’s office in Madison was notified in 2009; of violations stating the house was under code. Again, 2020.

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