April 26, 2012
M&T BANK (M&T), in its capacity as loan servicer, has been caught aiding & abetting mortgage fraud in Massachusetts associated with Bank of America (BOA) and Wells Fargo (WF). The fraud is connected to a current homeowner whose mortgage is current, BUT, the homeowner cannot sell their home because they do not have clear title. There have been multiple fraudulent documents recorded at the local courthouse by the guilty parties. The actions of BOA and WF violate the National Mortgage Settlement.
M&T had four weeks to deal with the situation without legal repercussions, but elected to cover-up. Independent Directors on M&T’s Board also neglected to do their job under Sarbanes Oxley.
M&T now faces enough joint & several liability associated with millions of homeowners like the one in Massachusetts, which said liability can put M&T out of business. BOA and WF already face enough liability to be put out of business. The National Mortgage Settlement does not preclude lawsuits by homeowners, or former / future homeowners.
Also involved in the fraud[s] are Mortgage Networks, Inc. and American Home Mortgage Servicing, Inc.
Stay tuned for updates.