An example of BofA refusing to provide an original mortgage note

Written by Biloxi:

A reader on Zerohedge website requested from Bank of America to provide information on original note on his home. Zerohedge website posted Bank of America's letter to the Zerohedge reader refusing to provide an original note. Here is more from Zerohedge:

Two months ago, there were a variety of campaigns launched  to get the mass public to demand from their bank an original, wet ink signature note for their mortgage. Many of these fizzled out. That said, we would like to present one instance of Bank of America responding negatively to just such a demand by a Zero Hedge reader, in which the bank's Home Loans unit outright refuses to provide the requested information hiding behind a lack of affirmative responsibility. Specifically, the response from the Qualified Written Request Group notes: "you cite no legal authority that supports your claim that you are entitled to view the original Note, and we are not aware of the existence of any such authority. Accordingly BAC Home Loans respectfully declines this request. If you wish to pursue this matter further, please provide such legal authority." In other words, banks continue to hide behind a legal defense that ultimately involves the jurisdiction of various (if not all) state attorneys general. In the meantime, odds are (99%) that the bank has absolutely no copy of the original and should the reader proceed to default (in a judicial state), the bank will likely ultimately be forced to give up its claim on the mortgage.

Here the Bank of America letter. Click here.

This is certainly a violation of the Real Estate Settlement Procedures Act or RESPA. Under 12 US code Section 2605 Servicing of Mortgage Loans and Administration of Escrow Accounts:

Sec. 2605. Servicing of mortgage loans and administration of escrow accounts


(a) Disclosure to applicant relating to assignment, sale, or transfer of

loan servicing

Each person who makes a federally related mortgage loan shall

disclose to each person who applies for the loan, at the time of

application for the loan, whether the servicing of the loan may be

assigned, sold, or transferred to any other person at any time while the

loan is outstanding.


(b) Notice by transferor of loan servicing at time of transfer


(1) Notice requirement

Each servicer of any federally related mortgage loan shall

notify the borrower in writing of any assignment, sale, or transfer

of the servicing of the loan to any other person.


Bank servicers like Bank of America have forgotten that they, too, have to apply to the federal law to disclose to borrower mortgage loan servicing while the loan is outstanding and they are not above the law. Lastly, Bank of America has violated the Helping Families Save Their Homes Act that President Obama signed into law in 2009:

Establishes right of a homeowner to know who owns their mortgage
Often mortgage loans are sold and transferred a number of times. Borrowers often have difficulty determining who owns their loan, and who to contact with questions, problems or complaints about their loan. This legislation requires that borrowers be informed whenever their loan is sold or transferred, so that they will always know who owns their loan.


Until the federal regulators start clamping down on the Wall Street bank kings and their practices, the bank will continue to sit on their throne and rule and ignore the law.