Thursday, October 11, 2012

More questioning of BofA

Bank of America (BofA) can't seem to stay out of the news.  ProPublica has raised questions as to the independence of BofA's consultants with regard to the Independent Foreclosure Review, which was a program to evaluate millions of foreclosure cases and compensate homeowners who fell victim to the banks' flawed or illegal practices. 

The program was designed to have independent consultants, who would be approved by the feds, analyze the foreclosure records of the banks and determine whether a homeowner should be compensated because the bank screwed up or worse; if the bank was at fault, the consultant would determine how much the bank should pay to the homeowner.

Well, it looks as though the bank did the analysis of its records and, after reviewing the analysis, the consultant determined how much, if anything, should be paid.  If BofA disagreed with the consultant's decision, it had the right to appeal it.  The homeowner had no such rights.

Need I say that BofA disputes ProPublica's contentions?

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