B of A Customers Deadbeats?

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Bank of America (BAC) has a crummy record of helping homeowners revise their mortgages, which would help stem the tide of foreclosures sweeping across the U.S. Of the company’s roughly 158,000 customers who have started a “trial modification” under the federal Home Affordable Modification Program, only 58 have been able to get their mortgages permanently changed.

Why the microscopic batting average? Here’s B of A’s alibi: It’s got crummy customers. The company says that more of its borrowers are ineligible for HAMP than other banks’ clientele. Another excuse is that many B of A customers are no good at paperwork.

Hah, hah! Pretty ironic, don't ya think?

Of course, if so many B of A patrons are feckless deadbeats, it raises the question of how they got a loan in the first place. But never mind all that — logic should never interfere with the buck being passed. = Susie Madrak


Retired Monk - "Ideology is a disease"

Jul. 31, 2007 3:01 pm

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