Tuesday, June 14, 2011

BofA ‘Significantly Hindered’ Foreclosure Review, U.S. Says

These bank practices during and after housing bubble are finally being investigated.  

I think the best way to reform this industry is to get the government out, except for regulatory management like FDIC, SEC (private), or even margin regulation.  Also, having clear underwriting standards.
The bank was slow in providing data and offered incomplete information, according to the U.S. Department of Housing and Urban Development inspector general’s office, which conducted the review.
“Our review was significantly hindered by Bank of America’s reluctance to allow us to interview employees or provide data and information in a timely manner,” William Nixon, an assistant regional inspector general for the agency, said in a sworn declaration.
The filing, dated June 1 and obtained yesterday by Bloomberg News, was submitted as an exhibit in a lawsuit by the state of Arizona against the Charlotte, North Carolina-based bank. Arizona, which is seeking to interview former Bank of America employees, accused the bank of misleading homeowners who were seeking mortgage modifications
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