http://www.bloomberg.com/news/2013-06-20/bank-of-america-and-the-tragedy-of-foreclosure.html
Who’s right? If anything, the bank’s strident denials make
me more inclined to believe the workers’ claims. “These
allegations are absurd, patently false and contrary to Bank of
America’s long-standing policy only to foreclose as a last
resort when other available options to help keep people in their
home have been exhausted,” Jumana Bauwens, a Bank of America
spokeswoman, told Bloomberg News in an e-mail this week.
Perhaps some of the allegations may be wrong. But to say
all of them are obviously false? You have to wonder. A lot of
the former employees’ claims make sense.
We have known for years that the U.S. Treasury Department’s
Home Affordable Modification Program failed miserably at its
stated goal of helping struggling homeowners. In part, that’s
because companies and divisions of major banks that service
mortgage loans often can make more money from foreclosures than
from loan modifications.
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