Naked Capitalism reveals a detailed account of how the OCC/Fed foreclosure reviews were a disaster in the making. In a multi-part series, NC uncovers widespread abuses on foreclosed home borrowers with multiple accounts from Bank of America contract employees charged with reviewing loan files. The interviews reveal behavior by Bank of America staff that goes beyond unethical, and provides readers with a glimpse into why the roughly year-long foreclosure review project was mysteriously shut down, with the Bofa and other major servicers agreeing to to pay $8.5 billion to settle the claims of illegal activity. Of course no Bofa executives were criminally prosecuted, and their was no admission of guilt by the Untouchables.
If you want to know what’s really going on at Bank of America and why they’re probably the worst possible place to do business if you’re shopping for a home loan, I would suggest you read this fabulous piece of investigative journalism at Naked Capitalism. There’s a reason Bofa generally requires you to get a Bank of America pre-approval if you want to by one of their REO properties. I find it hard to see why anyone in their right mind would use this corporate welfare queen for a mortgage loan unless they were forced to.