Bank of America’s top mortgage official plans to testify today that investors are stopping the bank from making more loan mods. It’s not true.
In prepared Congressional testimony coming today, Bank of America’s top mortgage official, Barbara Desoer, says it’s Wall Street investors, not the bank, that are making it hard to help homeowners. “Bank of America is constrained by our duties to investors,” she says [1]. “Many investors limit Bank of America’s discretion to take certain actions.”
(You can read [1] her prepared testimony and watch [2] the live webcast once the hearing starts later this afternoon. And definitely watch to see if she uses that line, and how she explains it.)
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1 comment:
it is absolutely the banks responsibility to its investors. when the banks have no idea of what the monetary, regulatory, taxation policy of the federal government is how are they supposed to make decisions about lending. we complain about this big sub prime mess. the truth is that it was the federal government that forced these banks to make stupid loans to people who could not afford them. blame the banks if you want but they are supposed to work for there investors not the federal governmetn. maybe if the government would get out of there way they would make some loans
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