Countrywide Whistle-Blower to Get $57 Million

Countrywide Whistle-Blower to Get $57 Million
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Thursday, December 18, 2014 – 17:06
Phil Hall

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A former executive at Countrywide Financial Corporation is going to receive $57 million for his role in a whistle-blower lawsuit against Bank of America Corporation that resulted in the lender settling federal mortgage fraud charges for approximately $16.7 billion, the largest financial settlement in U.S. judicial history.

According to a Bloomberg News report, Edward O’Donnell, a former Countrywide executive vice president, filed a lawsuit against the Charlotte, N.C.-headquartered bank in August in which he accused Countrywide of selling mortgages with inadequate underwriting under the aegis of its “High Speed Swim Lane” program to Fannie Mae and Freddie Mac. Bank of America acquired Countrywide in 2008.

O’Donnell’s payout is a based on the False Claims Act, which enables whistle-blowers to claim 15 percent to 25 percent of what the federal government recovers in its successful prosecutions or out-of-court settlements.

Separate from the O’Donnell case, Bank of America’s legal problems continued yesterday when the National Credit Union Administration (NCUA), the federal regulator for the credit union industry, filed suit in federal court against the lender and U.S. Bank National Association, alleging that they violated state and federal laws by not fulfilling their trustee duties for 99 residential mortgage-backed securities trusts. The NCUA charged that five corporate credit unions-U.S. Central, WesCorp, Members United, Southwest and Constitution-purchased approximately $5.8 billion in residential mortgage-backed securities (RMBS) issued from the trusts between 2004 and 2007, but these securities lost their value and contributed to the failure of all five credit unions.

Lenders, Banksters, Courts, and all you other liars and thieves…

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COMES NOW… proceeding in Propria Persona, and respectfully files Plaintiff’s Opposition to Defendant Federal National Mortgage Association’s Motion to Dismiss, and shows this Honorable Court the following pertinent facts:

Federal National Mortgage Association (“Fannie Mae”) has filed their Motion to Dismiss, pursuant to O.C.G.A.§ 9-11-12(b), and on the claims that Plaintiff is a borrower who defaulted in repayment of his mortgage loan, resulting in the foreclosing on the real property which served as collateral for the loan. Plaintiff contends that had the banking and mortgage industry not been so greedy, they would not have over inflated the values through falsified appraisals on properties; they would not have been telling Borrowers not to worry, they can work out an affordable loan that will get you into that house you always dreamed of, while knowing in the back of their minds, that when the Borrower claims that they believed and relied upon their lenders, and what they had been told; the response would then be that the relationship had been nothing more than creditor – debtor and that you should not have relied upon the lies you had been told, because you are at different ends of the spectrum, with totally different interests. My Grandmother would say that America has gone to hell in a handbag.

We have headed into an era where the foreclosing entities are allowed to forge and falsify documents, because the borrower defaulted on their payments, and they need those documents that they are forging and falsifying in order to foreclose upon that Borrower, and the original documents no longer exist. Plaintiff was of the belief, that if you signed a contract, that the Original contract had to be kept in order for it to be collected upon, simple contract law. As it is in these foreclosure/wrongful foreclosure cases, the only time the documents are referred to contracts, is when the documents are referred to as in the Borrower failed to honor the contract by timely making their payments every month. Any other time, the words contract, does not exist. Should a Borrower mention the word, or words Note or Promissory Note, it is sacrilege and the Borrower is “claiming the show me the note theory”, or “vapor money theory”, which is a cue to the Court to dismiss because Georgia does not have a law that the foreclosing entity has to show you the Note. And then, there are the entities that think that they can talk to, and treat the pro se litigants any way they please.

No one would be in this mess, if Fannie Mae, US Bank,Wells Fargo, Bank of America, Aurora, Litton, Taylor Bean and Whitaker, Cenlar, GMAC, Wachovia, Popular, Countrywide, MERS, and a whole slew of other entities had not gotten greedy, eased the underwriting, slacked off on checking tax forms and employment, and had not lied that the borrowers could afford it, this loan will allow you to buy the home you always wanted.