Investors Angry with Bank of America
The Associated press has reported that Bank of America says it won't buy back bad mortgages from the high-profile investors who say Bank of America is mishandling defaults and they are not foreclosing fast enough.
In my experience handling a number of short sale transactions with Bank of America as the 3rd party, I can tell you there are defaulted homeowners who have been in their homes for more than 2 years without paying their mortgages, and still have not been foreclosed on.
Most of the claims of bad lending practices is a result of the banks Countrywide branch. Bank of America attorneys rejected claims that the Countrywide loans were made improperly.
Investors seeking action from Bank of America include the Federal Reserve Bank of New York, Freddie Mac, Pimco Investment Management and Blackrock Financial Management.
Bank of America is also dismissing suggestions that its handling of loan modifications and other efforts to prevent Foreclosure violated the terms of the mortgage-backed securities that investors hold in their portfolios.
If you are interested in viewing homes for sale in the Southern Maryland Real Estate area visit Charles County Real Estate, or call DeHanas Real Estate Services at 301-870-1717.
