Bank Of America Is Said To Have Hindered Fed Investigation
William W. Nixon, a fraud examiner and assistant regional inspector with the U.S. Department of Housing and Urban Development, has filed a sworn affidavit in an Arizona Superior Court stating that Bank of America “significantly hindered” a federal investigation into the firm’s faulty foreclosure practices, according to Investment News and The Huffington Post. The court document dated June 1 and filed June 8 was obtained on June 13th by Bloomberg News from the case filed by the state of Arizona against the North Carolina Bank for its mortgage lending and foreclosure procedures. There is an ongoing investigation into the mortgage lending and foreclosure practices of major Wall Street banks by federal agencies and attorneys general from all 50 states, in addition a new probe by New York AG Eric Schneiderman.
Mr. Nixon said that Bank of America threw up roadblocks to impede their investigation such as not allowing the investigative team to do a “walkthrough” of the bank’s document unit. Subpoenas requesting documents and information were returned with incomplete or conflicting information along with excerpts of requested documents rather the complete copies and in one case only a third of the information requested was produced.
Here are a couple of incredible discoveries made during the investigation. They found one bank employee who signed over 75,000 foreclosure documents in a two year period. This would mean that he would have to have signed roughly 103 documents per day, or one every five minutes, working seven days a week during those two years. Investigators found another bank employee who signed 47,000 foreclosure documents during the examination period, which meant that they would have had to sign 64 documents a day, or one every seven minutes.