Wednesday, February 9, 2011

So explain the Bank of America to me, please.

Kathleen Pender reports in yesterday's SF Chronicle that the Bank of America is effectively rejecting money that could stop borrowers' foreclosures.

There's a federally funded aid program for the unemployed that pays up to $3,000 toward monthly mortgage payments. Pender found a guy named Mark Sanders who qualifies for the program. He and his wife have a $3,180 monthly mortgage. BofA won't accept two checks, and the program won't pay directly to the recipient, only to the loan servicer. So Sanders and his wife can't use the $3000 available to them, and they're paying the mortgage on their credit cards.

If the people at BofA wanted to make this work they could. So why don't they want it to work?

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