subject: Bank of America CEO "Bank of America's Foreclosure Processes are Designed to Protect Shareholders [print this page] Bank of America CEO "Bank of America's Foreclosure Processes are Designed to Protect Shareholders
Nov 17 2010. Bank of America's foreclosure processes are built to protect investors CEO Moynihan claims.
As one of the big banks under siege by backers over the nation's current foreclosure crisis, bank of america boss man Brian T. Moynihan took steps today to try to calm the fears of its speculators.
In a multi-person call to stockholders on tuesday, Nov 16, 2010, Moynihan told speculators who bank of america is reviewing all foreclosure cases on a loan by loan basis to protect its investors and make sure that each foreclosure filing is reviewed comprehensively by the bank before moving on with court filings.
Bank of america is currently facing demands from backers to repurchase at least $13 bill in mortgage-backed instruments sold to Fannie Mae, Freddie Mac and several non-public investors.
many of the prevailing claims are the result of loans originated by national financial corp, the bank that was acquired by bank of america in 2008.
Moynihan said that those particular cases are being heavily reviewed.
There's a large amount of folk out there with a lot of thoughts about how we should solve this, but at the end of the day, we'll pay for the things that national did, Moynihan told speculators.
The bank is meeting with the Senate Banking Committee today and Thursday to answer questions about its foreclosure practices, and should be implored by the council to seriously increase its loan alteration programs for borrowers.
Barbara Desoer, president of Bank of America's home loan division, will testify in front of the panel, and has prepared statements that imply that bank of america has not grabbed any homes due to faulty foreclosure documents.
In parts of Moynihan's comments to investors, he repeated Bank of America's commitment to following thru with foreclosure filings fairly and legally.
It is a everyday, hand-to-hand combat, Moynihan declared. It's manageable in the background of who we are, but we aren't going to spend your cash unwisely.
Bank of America's foreclosure processes are engineered to protect shareholders head honcho Moynihan claims.
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