BofA forecloses despite not a single payment missed!

The illegal and criminal machinations of the American banking industry continues to be exposed on a daily basis.  Consider this latest hor d'oeuvres that the media has overlooked.

[Bank of America] earlier this month notified Shock Baitch and his wife Lisa (Friedman) Baitch that foreclosure action will start today – Christmas eve – unless the couple agrees to put their home up for a forced sale. As of Thursday night Bank Of America has not backed down from its foreclosure threat.

Why?

Because another unit of Bank of America erroneously reported to credit agencies that the family was seeking a loan modification, ruining their credit rating and as the result putting their mortgage into default.

All this is happening even though the bank – after admitting it erred and sent a letter of apology in September – handed this case to a special unit at Bank of America that is charged with dealing with severe customer issues. It promised to notify the credit reporting agencies that the couple were not deadbeats, but were good credit risks.

This isn't some South Florida wasteland, where automated robosigners operating 24/7 are churning out bogus legal documents without any oversight.  The case in example is in Hartford, Connecticut, the historic international center of the insurance industry and thus a city and state steeped in the rigors of proper accounting and legal procedures.  As Barry Ritholtz of the "Big Picture" blog stated on this subject:

This is not about keeping deadbeats in their homes, as a few idiots and liars have asserted. The corporate sympathizers who are too busy fellating the bank to recognize what is going should be ignored. This is about fundamental property rights and the Rule of Law in the United States — nothing less.

Listen to what the homeowners in this particular case have to say about the useless bags of corrupt corporate shit that is Bank of America:

“Bank of America lied and submitted fraudulent information to the credit bureaus and now I am literally and financially paying for it,” Baitch said. “I looked into help with a consumer counseling service, but we can’t participate because our income is too low to meet the payment requirement. I looked into bankruptcy, but we have too much equity in the house. I cannot meet the minimum payments now on the credit cards and may have to default. I am in a situation that I should have never been in since [the bank] destroyed our credit and ability to refinance. All our debt should have been consolidated and I should have positive cash flow monthly not negative.”

Where is the great socialist Barack Obama on this matter? According to the press, the Obama administration is very, very mad at the perceived fraud undertaken by the banks, but on the other hand "the administration had yet to find anything fundamentally flawed in how large banks securitized home loans or how they foreclosed on them."

Well, Mr. Obama, I have for you a very real and obvious case of how the banks foreclosure process is fundamentally flawed and illegal. So while critics bloviate about the man's so-called socialist policies, he continues to carry water for the banks and refuses to hold his biggest corporate donors accountable for the their illegal behavior.