Tuesday, June 14, 2011

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

Here is more information the previous post relating to Bank of America and there cooperation with the investigation and the "foreclosure review"

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

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.

Federal agencies and attorneys general from all 50 states are investigating the way banks service mortgage loans and conduct foreclosures. The group is in settlement talks with the five largest mortgage servicers, including Bank of America, Wells Fargo & Co. (WFC) and JPMorgan Chase & Co.
The article further states that B of A used its attorney's to limit the effectiveness of the interviews during the investigation.  It wasn't as though further confirmation was needed to show that B of A was not cooperating fully but now you have it.  In spite of the public relations onslaught where the bank denied hindering anything, the truth is being slowly revealed.  The foreclosure review was hindered by the bank and their lawyers, there is no doubt about this fact.  We have seen several banking institutions being saved by the government and the taxpayer only to continue there suspect behavior that has kept the lid on what a mess the banks have created. 
According to Nixon’s declaration, when interviews with Bank of America employees were permitted, the presence or involvement of the bank’s attorneys “limited the effectiveness” of the interviews. Attorneys also refused to allow employees to answer questions “on a number of occasions.”
The bank’s delay in providing “readily available information” also hurt the review of the bank’s processes and controls, Nixon said. The information provided in response to two subpoenas wasn’t complete, he said.

The banks have now coupled fraud, perjury and blatantly interfering with a federal investigation to their resume.  How is it possible that people are still using the lame excuse that people are just trying to hold the banks accountable so they can get a free house?  The banks have caused a serious delay in the housing recovery and continue to hold the country hostage behind legions of lawyers willing to cover up any malfeasance by the bank. 

read related stories here and HERE

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