TESTIMONY OF REBECCA MAIRONE DEFAULT SERVICING EXECUTIVE BANK OF AMERICA HOME LOANS

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TESTIMONY OF REBECCA MAIRONE DEFAULT SERVICING EXECUTIVE BANK OF AMERICA HOME LOANS

TESTIMONY OF REBECCA MAIRONE DEFAULT SERVICING EXECUTIVE BANK OF AMERICA HOME LOANS

TESTIMONY OF
REBECCA MAIRONE
DEFAULT SERVICING EXECUTIVE
BANK OF AMERICA HOME LOANS
Before the
HOUSE FINANCIAL SERVICES
HOUSING AND COMMUNITY OPPORTUNITY SUBCOMMITTEE
WASHINGTON, DC
NOVEMBER 18, 2010

Excerpt:

When industry concerns arose with the foreclosure affidavit process, we took the step to stop foreclosure sales nationwide and launch a voluntary review of our foreclosure procedures. Thus far, we have confirmed the basis for our foreclosure decisions has been accurate. At the same time, however, we have not found a perfect process. There are areas where we clearly must improve, and we are committed to making needed changes.

We’ve also used this opportunity to further evaluate our modification program and identify additional enhancements we can make. We have done this based on feedback from you, our customers, community groups, investors, and from our regulators. We also are committed to a constructive dialogue with State Attorneys General, who have taken a leadership role on these issues.

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2 Responses to “TESTIMONY OF REBECCA MAIRONE DEFAULT SERVICING EXECUTIVE BANK OF AMERICA HOME LOANS”

  1. Elizabeth Fortun says:

    OK, OK, another stellar report, another stardust thrown by BOA in our faces. But somehow, I feel upset and shaky. I am not even angry by now. I simply don’t understand who in his right mind believes this testimony besides the Senate and Congress Subcommittees.

    Yes, BOA hired, increased, built, and so on. But “treats fairly”, “committed”, “consistent, accurate, and understandable”, help, “top priorities”, “be responsive”??? Those words of BOA’s Rebecca Marone are empty, and at the best, generate the “what???” expression on your face. ANYONE who deals with BOA on the borrower’s side knows well and experiences just the opposite.

    I WANT TO TESTIFY at these meetings. I WANT THEM TO personally hear that the documents certified/received are lost 5-8 times, funds disappear, completed modification is not reported for months to the Treasury, and so on and on and on – I counted 19 of BOA’s “irregularities” or “mistakes” or non-compliances in my HAMP processing. If the borrower slipped even once the hefty penalties, fees, and charges would be applied the same minute. But it seems that the servicer has another set of rules – it could get 19 or 90 mistakes, and still be of the hook. THESE DOUBLE STANDARDS NEED TO BE CHANGED. And this case needs to be heard by the same subcommittees.

    HUD counselors, AG, OCC, Senator, Congressman, White House, Freddie, Office of BOA CEO, COP, – all of them received my complaints, forwarded them to BOA, received back yet another “stellar” reports, and seem to be satisfied. BUT NOTHING HAS REALLY CHANGED!!! Nothing was fixed, improved, advanced. No one even apologized.

    Is out there someone who CAN CHANGE IT???

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