Thursday, March 11, 2010
Big Banks Acting Badly
There has been a spate of big banks acting badly recently and the leader of the pack has been Bank of America. Seems they just made so many bad mortgage loans that it’s impossible to keep track of all of the addresses. Last summer a Massachusetts couple had B of A take over the Spring Hill, Florida home they paid cash for four years earlier. It took more than six months to straighten out and the couple is now suing the bank. They lost a good tenant and the house suffered water damage after pipes froze because of B of A’s actions. A Pittsburg, Pennsylvania woman also had her home seized by Bank of America. Personal property was damaged and the woman’s pet parrot was impounded. This action resulted in another lawsuit against B of A alleging the bank has no policy in place to prove the validity of foreclosures or to prevent improper property seizures from occurring. As Bank of America too big to learn from its mistakes as well as too big to fail?
To even things out a bit, Bank of America is not the only big bank to make these mistakes. Citi and a few others have done the same thing on a few occasions as well. Let’s hope they can keep better track of our money than they do of our addresses.