Anything less than a parallel foreclosure class action lawsuit would be a fail in my book.
Friday, December 24, 2010
Is Bank of America afraid of the phrase "Parallel Foreclosure" landing in the public eye?
A short while back I wrote an article about how this blog, Parallel Foreclosure, came to be. In that article I mentioned that I was concerned that the banks might want to buy the domain name parallel foreclosure dot com and bury it. So I bought the domain name parallel foreclosure to make sure the banks did not.
I'll have to believe it was just coincidence, but just a few short weeks after I wrote that article and Bank of America is in the news because they are BUYING UP DOMAIN NAMES left and right. Bank of American is concerned that wikileaks and founder Julian Assange may release internal Bank of America documents that will make both Bank of America and BOA president Patrick Moynihan look bad.
So my instincts about buying the domain name parallel foreclosure (and a few variations) was right on. I will be real surprised if besides Bank of America, that Chase Bank comes out of the alleged impending bank leaks unscathed, I guess we'll find out in a few short weeks.
Amazingly, even though Phoenix, Arizona reporter Sarah Buduson exposed parallel foreclosure over a year ago, NOBODY from the media is calling the practice of parallel foreclosure, parallel foreclosure.
Buduson's broadcast report exposed Chase Bank's foreclosing on a homeowner who had already successfully completed a home loan modification. Buduson may have been the first to correctly coin the phrase "Parallel Foreclosure" in that report.
I've literally been put into the position where to effectively continue my lobbying efforts on behalf of possibly a MILLION homeowners who were victims of parallel foreclosure, I would not only need to find a generous advertiser, but one that would actually assist these one million homeowners in a parallel foreclosure class action lawsuit.
This of course may lead to me being accused of just trying to make money. It's kind of amazing how the work I have already done on this blog in the past year, all for free, has not resulted in even ONE network news reporter using the phrase parallel foreclosure since Sarah Buduson first used the phrase Parallel Foreclosure in the fall of 2009.
Both Bank of America and Chase Bank have admitted to practicing parallel foreclosure, and it appears that the attorneys generals and some judges are now frowning on the practice of parallel foreclosure, even though nobody from the broadcast media using the phrase, parallel foreclosure. Gasp.
It is my assertion that if a too big to fail law firm started a parallel foreclosure class action lawsuit, and sent me daily news updates, we could begin to reach untold thousands of victims and give them hope that they might get some retribution for what they were put through by the banks.
I further believe that any homeowner who becomes part of a parallel foreclosure class action lawsuit and wins, SHOULD NOT sign away their rights to sue the banks on other grounds as well.
It is my opinion that a homeowner can be a victim of parallel foreclosure, while also being a victim of a predatory loan. Ironically, a predatory loan and or a subprime loan may have increased the chance of a parallel foreclosure and may have actually HASTENED parallel foreclosure into occurring!
Therefore it is my opinion that if a homeowner were to sign up for a parallel foreclosure class action lawsuit, they could still sue (if applicable) for being a victim of a predatory loan, robo signing, and a change in terms to their mortgage note without the homeowners expressed, written consent.
I am concerned that the attorneys generals from all 50 states may try to expedite a solution that disqualifies homeowners from being part of multiple foreclosure class action lawsuits.
In general I am actually not a fan of enrichment through litigation. But in the case of homeowners being ripped from their homes because of greedy banking practices that not only hurt american homeowners, but have also appeared to dictate political races as well, than I am for class action lawsuits to help stop these practices in the future.