Bank mortgage settlements slow

November 15, 2012

Big banks nationwide are scrambling to comply with terms of a $20 billion mortgage settlement with homeowners, but only Bank of America has revealed details of progress with 164,000 of its customers. (San Francisco Chronicle)

Officials of BofA said Wednesday it has provided half of the relief the settlement requires, and expects to conclude its work by February. That’s the deadline for taking advantage of additional credit for taking care of their customer-assistance obligation.

The bank asserts it has paid $15.8 billion in a variety of forms to help under-water mortgage holders and others victimized by robo-signing and other questionable business practices.

None of the other banks obligated by the settlement — Chase, Wells Fargo, Citibank and Ally/GMAC — have divulged any information regarding their efforts to comply.

The settlement extends over a three-year period.

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A warning to anyone who wants to do a simple refinance with Bank of America. I have a friend going through the process now. He is well qualified, pays his mortgage, etc. B of A has thrown more and more strange requirements at him, and has consistently “lost” his materials requiring him to resubmit documentation 2 to 3 times. When he finally satisfied all the requirements, they switched him to a new processor, and now he has to resubmit everything again. All the documents are faxed by the local B of A, but the processor just says she doesn’t have them.

Here are some of the unusual items he had to come up with: Copies of monthly paychecks for a year before he retired twenty years ago. A statement from Cal Pers saying that they would pay his retirement for the next 3 years. Copies of deeds and monthly rent payments for his rent houses that were not included in the loan.

Either they have to advertise refies, but don’t intend to do them, or they are grossly incompetent at the regional level.

Please read this article and the comments within it. Thanks.

Oh, and just in time for homeowners to get ripped off by the government…again.

Since California still uses BofA for their banking any wonder why the state drags it’s feet to control these crooks

There is no difference between these banks and our Federal Government.

Bernanke is doing Q3 – prininting, printing, printing worthless money, our government sues the banks for their business practices regarding the mortagages and then when the settlement money is distributed to the States for the wrong done the people who lost their homes in this mess, California took and kept the settlement money. These folks were taken advantage of by all the system;s players. Bill Clinton, Barney Frank and Chris Dodd created a program whereby Banks (Fannie Mae and Freddie Mc) were required to loan to anyone applying for a loan without proper vetting, and then, knowing the housing market would eventually collapse the banks created deviativties and insured them to protect their investments mandated by the Federal Government. Then, when eveything did collapse everyone is upset with the banks when it was Bill Clinton, the Democrats, and their programs that created this mess. No one was complaining when unqualified homebuyers were buying all these homes they could not afford. Strange bedfellows!

How the hell do you fine someone money, who prints it for a living????

That’s why banks are to be considered uncontrollable, you cannot hurt them in any way. That means the FED system dumped.

It’s mass hypnosis today to believe that a private, for profit, stockheld, mostly abroad, company with a money machine is allowed to compete with ….all of us, actually.

More inflation, more can kicking. More insanity.

BofA deserves to be dismantled and dissolved and forgotten. Not the threat of making a phony money transfer by striking a few computer keys.

Banks do not print money. Only the Federal Reserve prints money, and we (the United States) RENT our money from them. B of A has to “borrow” this rented money from the Fed, and THEN pay off the crooks in the state.

Remember, there’s NOTHING “Federal” nor “Reserve” about this private, progressive institution.