I’m fairly certain Santa keeps up with the news. If that’s the case then no doubt Bank of America will be getting a lump of coal in their stocking on Christmas Day. In October, they suspended foreclosure proceedings in all 50 states because of procedural errors. Last Friday, the Arizona Attorney General filed a lawsuit against Bank of America for alleged mortgage fraud. In the suit Terry Goddard, Arizona’s Attorney General, said “BofA is abusing borrowers systematically. It showed a blatant disregard for people’s rights and practiced blatantly deceptive procedures.” Bank of America isn’t just on the naughty list, they ARE the naughty list.
I have a feeling that little Fannie Mae and her brother Freddie Macare on the naughty list too. Together they own 1,390,000 delinquent mortgages – more than any other bank or investor. According to ProPublica, Fannie and Freddie reduced principal on 141 of 287,000 mortgages. That’s just a tad over 0%. Meanwhile, banks reduced principal during this same time period by almost 30%.
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