B of A – Please Answer The Question
Critics say, even if B of A [Bank of America] has only been foreclosing on property owners that are late and after appropriate loan-modification attempts, B of A’s statements have just ignored the most pertinent question.
Rebel Cole, a law professor at DePaul University in Chicago, made a great point about B of A by saying, “They may have been accurate in that the borrower was delinquent,” “But what they don’t say is, ‘We have followed the law,’ and that is where the issue is.”
Cole states that in a lot of cases, the banks do not have the necessary paperwork to proceed with foreclosures. “The genie’s out of the bottle on this one,” Cole says regarding B of A.
Last month, a letter from Ohio Attorney General Richard Cordray pointed out that B of A cut corners in what “would appear to amount to a fraud upon our courts.” Skeptics say that Bank of America’s apparent failure to abide by state property law could become a stumbling block for B of A as well as for JPMorgan Chase and Wells Fargo.
“The banks are trying to paper over this problem, but if you know the law, you know there is no easy way out of this,” Rebel Cole also stated regarding B of A and other bank’s issues.
Not everyone agrees that the foreclosure fiasco signifies a certain doom for the banks like B of A, which potentially face much larger issues with a still-sick housing market and a weak economic recovery.
Chris Whalen, of Institutional Risk Analytics, is one, because Whalen said, “In the scheme of things, this is not going to matter,” Whalen also stated, “We’ll see some bizarre trial decisions and the cost of servicing is going up, but this is not going to kill them.”
B of A Said They Aren’t Perfect
Last month, B of A conceded in a statement that “we’re not claiming perfection,” which is just as well because of the wrongful foreclosure nightmares that have come to surface of late. B of A has emphasized that it’s “committed to getting our process right.”
Bank of America, meanwhile maintains it’s going to resume foreclosures – though recently their statements have been more cautious.
On Oct. 18, B of A stated that it they are planning that “the first foreclosure affidavits will be resubmitted to the courts” by Oct. 25. However, they have modified that by saying it is “preparing to submit affidavits” in a process that “will take several weeks.”
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