11 Ways Bank of America Practices Hurt AmericansSubmitted by bobbyw24 on Thu, 12/23/2010 - 10:36
Today's front page New York Times story about Bank of America illegally breaking into people's homes and taking their possessions is a painful reminder that many American families are spending the holiday season desperately trying to save their homes. The system seems stacked against ordinary people, but the tide is beginning to turn with the attorney generals stepping up their investigation into mortgage fraud, growing public anger, more-and-more lawsuits and this week's confirmation from WikiLeaks that it plans to release a trove of internal Bank of America documents early next year.
What WikiLeaks has is a mystery, but we already know a lot about Bank of America practices that are hurting Americans and prolonging the economic crisis. Here are some of the big issues that impact families and communities, from a report card that PICO National Network and National People's Action put out last week on Brian Moynihan's first year as CEO.
Illegal and unnecessary foreclosures: Bank of America operates the largest foreclosure mill in the history of the United States. It has denied hundreds of thousands of families a fair opportunity to save their homes, more than any other bank in America. According to media reports it has repeatedly taken people's homes illegally. After participating in the HAMP program for nearly two years, Bank of America has offered permanent loan modifications to less than 80,000 families. That is less than one-in-five who are eligible for help! (Source: U.S. Treasury Department, Making Home Affordable Program, Servicer Participation Report Through October 2010.)
Stringing borrowers along and then taking their homes: