Wednesday, October 20, 2010

Funner and Funner

This will never end.

In a complaint filed this month in Washington, D.C. federal court, Bank of America said the FDIC has wrongly denied claims by Ocala noteholders to recover from Colonial Bank and an Illinois lender also in receivership, Platinum Community Bank.

Bank of America accused executives at Taylor Bean, Colonial and Platinum of having fraudulently schemed to "double- and triple-pledge mortgages and steal assets" to hide their faltering conditions as the housing market declined.

So how widespread was this double-pledging of mortgages? How many people have homes that multiple entities think they are entitled to foreclose on? How screwed up is all the paperwork that nobody has any clue?