"A big thanks to Christopher King at Mortgage Movies for the great video."
In addition to demanding that well-known culprits in the lending business pay up for the pain they caused, BHN also comes down hard on a law firm that worked with Wells Fargo, N.A., Countrywide, and others. It describes the firm in the documents filed as "a foreclosure mill" with a Gordon Gecko "greed is good" attitude.
"Obviously this is a national disgrace," says Narkin, whose firm specializes in hunting down boogie men involved in everything from securities fraud to consumer protection law.
"The tentacles of the foreclosure mess are amazing," says Narkin. "The mess created by predatory lending is one thing, but consider also what an awful investment collateralized debt lending turned out to be." (KingCast adds that there is yet more to this story but I'm not telling it right now. Just think about the duties to the Trust that are typically violated during collateralization).
Narkin's firm has devoted hundreds of hours to a class-action complaint that alleges that Countrywide, Wells Fargo and a "high-volume law firm," Phelan Hallinan & Schmieg, engaged in fraudulent schemes to collect inflated and manufactured foreclosure fees from financially troubled families in danger of losing their homes.