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It is interesting that at the same time that BONY Mellon has its name attached to foreclosures it is claiming exactly what the borrowers are claiming — misrepresentations about the loans themselves as well as misrepresentations about the mortgage backed securities allegedly issued by trusts in the name of BONY Mellon as Trustee.
The problem here is that while there are tantalizing hints about what was wrong with what Chase did, they don’t go so far as to say anything that would actually help borrowers (homeowners). Several commentators have singled out this pattern of non disclosure even in lawsuits and settlements. Elizabeth Warren brought it to light when she questioned investigators who found fatal defects in many if not most foreclosures. Matt Taibbi in Rolling Stone last week…
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