BofA Should Face Foreclosure Probe by TARP Watchdog, Waters Says

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BofA Should Face Foreclosure Probe by TARP Watchdog, Waters Says

BofA Should Face Foreclosure Probe by TARP Watchdog, Waters Says

Maxine Waters isn’t the only one take a look at what Neil Barofsky, former SigTarp Watchdog had to say

Business Week-

Bank of America Corp. (BAC), the second-biggest U.S. lender, should be investigated for its treatment of distressed homeowners, said Representative Maxine Waters, the top Democrat on the House Financial Services Committee.

Employees say the lender told them to delay applications to the Home Affordable Modification Program, or HAMP, to increase fees and send customers into foreclosure, Waters wrote today in a letter to the watchdog for the U.S. government’s bailout program. She cited a June 14 Bloomberg article based on court documents in making the request.

“Foreclosure is often the most profitable end result for a servicer that does not own the loan they are servicing,” the California Democrat wrote to Christy Romero, the special inspector general of the Troubled Asset Relief Program. “It goes without saying that this is an outright abuse of consumers and government mortgage-assistance programs.”

[BUSINESS WEEK]

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