The law firm of Mahany & Ertl seeks to interview people who worked with Bank of America’s Private Label Securities (PLS) program. We are currently investigating a possible massive fraud involving investors who purchased PLS mortgage backed securities.
We believe the bank has set aside billions of dollars to deal with loan buyback requests from hedge funds and other investors who “dined” on Countrywide’s (Bank of America’s predecessor) toxic mortgage paper. Upon information and belief, instead of properly honoring these buy back requests, the bank has trained its loan reviewers to provide “canned” answers to avoid payment. This is accomplished by running the requester through a gauntlet of objections, questions and document requests that keep the claimant swirling in a vortex of fraud, confusion and delay until ultimately the claimant gets discouraged and goes away.
To determine if these allegations are true, we would like to interview a whistleblower with direct information about the bank’s private label securities program and specifically, how buy-back requests are processed.
Although the bank has already settled similar claims with Fannie Mae and Freddie Mac, we believe that additional claims will surface of the next 24 months.
We are a boutique law firm that represents whistleblowers and specializes in fraud and federal false claims act cases. Presently we represent the whistleblower in the largest false claims act case in the United States filed against a lender or bank – HUD’s $2.4 billion case against Allied Home Mortgage.
We have spoken with multiple Bank of America employees and wish to finalize our due diligence before filing a complaint related to these private label securities transactions. We are also interested in people who are aware of similar fraud committed by the bank or its employees. If fraud results in a loss to taxpayers or the government, the person(s) providing that information may be entitled to a cash award based on the amount collected. False claims act recoveries are set by the court.
Mahany & Ertl – America’s Fraud Lawyers. Offices in Milwaukee, Wisconsin; Detroit, Michigan; Portland, Maine; Minneapolis, Minnesota and San Francisco, California. Services available in many jurisdictions.
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Note: This post is not a solicitation for clients. We are seeking to verify information already provided to us by others.