BOFA-Aurora Appraisal Fraud $1.8Million Lawsuit Filed in New York for One Homeowner
Published on Living Lies Blog: January 11 2012 – By Neil Garfeild
Use this form under the heading “Best Practices” — Excellent in every respect. Hats off to Ivan Young of the Young Law Group in Bohemia, New York. I say the Defendants have a collective exposure of several million dollars. If I can find one lawyer that writes a complaint for identity theft on a client like this, we will have completed our forms library. They never could have done this without falsely inflated appraisals, falsely inflated ratings and without stealing the identity of credit worthy borrowers.
Talk about a lawyer who gets it!! These lawyers all get it and they are after the the biggest players, weaving together the fraud and the participants in the fraud in an artful way that will in my opinion easily get past a motion to dismiss. My only regret is that these lawyers are so good at pleading and most likely so good at discovery that the case will settle before we get much more out of this case. I am fairly certain that these lawyers were probably threatened with all sorts of consequences if they file the suit. This lawsuit says “Bring it on!”
Here are the things I like about this lawsuit:
1. It puts appraisal fraud front and center in the complaint. Nothing timid about this.
2. The Defendants include everyone in the securitization chain including, counter-intuitively but factually correct, the Aurora Lehman Nexus with BOA and Countrywide.
3. The point is that but for the appraisal fraud none of these players would have played the game at all, and this is clear from the complaint.
4. BOA “expected or should reasonably have expected its acts and business activities to have consequences within the State of New York, County of Nassau.”
5. Paragraph 7 correctly states the interrelationship between BOA and the CW companies.
6. Nailing the appraiser for failing to register in the State to do business. Could lead to blocking the appraiser from filing any defense.
7. Names the individual appraisers as Defendants — the only way to have someone on the hook who can flip on the other defendants and admit the wrongdoing.
8. The lawyer figured out the relationships between the different appraisers and appraisal companies before he filed the suit. So when they come in trying to play the shell game they will end up with dirt all over themselves.
9. The lawyer figured out the interrelationships between the appraiser, the title agents, the title agent etc. before he filed the suit.
10. The lawyer nails the facts on appraisal fraud. Then traces step by step how the value was inflated.
11. The allegations weave in violations of TILA and RESPA seamlessly so that the facts speak for themselves without interpretation required.
12. The clear language of the complaint details the manner in which the Plaintiff was duped and the manner in which the plaintiff was financially damaged in money and credit standing.
13. “Countrywide fully knew that the loan was based upon a completely bogus appraised value” and “immediately sold, transferred or assigned Plaintiff’s’ first mortgage to Aurora Bank, F.S>B. a/k/a Aurora MSF Lehman.”
14. RICO, instead of looking like it is out of the blue or a stretch, is an obvious next step, and the lawyer takes it with ease.