There are a few people who apparently still prosper during the housing and foreclosure crisis. Bank of America has announced that its C.E.O., Brian Moynihan, is getting a substantial raise. In 2012, Mr. Moynihan received a base salary of $950,000 and Bank of America stock which had a value of approximately $6,000,000. The Board of Directors recently announced that Mr. Moynihan has been rewarded with an almost 73% pay increase and that he will receive in 2013 a base salary increase to $1,500,000 plus stock worth over ten million dollars ($10,000,000.00). His 2013 salary will exceed twelve million dollars ($12,000,000.00), payable at more than One Million Dollars each and every month.
Geoffrey Broderick, the senior partner of the Resolution Law Group, says “while Bank of America did experience a stellar year in 2012, based upon the fact that the market price of Bank of America stock doubled last year, the fact remains that Bank of America appears to continue to manipulate its assets and liabilities by hording real estate which is overvalued on its books and by also making decisions regarding loan modifications (and short sales) based upon what best suits Bank of America, and not necessarily the homeowners.” Most people are unaware of how the banks strategically decide when and whether to complete foreclosure sales, as well as, how an aborted foreclosure sale can impact a neighborhood and further harm the displaced borrower. Mr. Broderick adds, “The housing market will continue to suffer until it is fixed by the Courts or the Legislature. Somebody has to fix the problem! That is why The Resolution Law Group continues its fight for homeowners. Homeowners cannot expect the problem to fix itself.”
The Resolution Law Group continues to prosecute ground breaking litigation in Federal Court on behalf of homeowners suing lenders and servicers for, among other things, the illegal use of MERS, robo-signing, and intentionally ignoring underwriting standards and encouraging inflated appraisals.
The Resolution Law Group is currently enrolling clients into the pending lawsuit. For further information, visit its website at www.TheResolutionLawGroup.com
If you, your family, friends, neighbors or associates have been subjected to Mortgage Fraud, please contact The Resolution Law Group at (203) 542-7275 for a confidential, no obligation consultation.