Thursday, December 1, 2011

Thank you for your service, now we're foreclosing on your home

Posted By on Thu, Dec 1, 2011 at 1:40 PM

Once again, Bank of America is in hot water.

This time, BofA and Wells Fargo are being investigated for foreclosing on active-duty service people — you know, the men and women who put their lives on the line for those banks to remain free to make absurd amounts of money. Way to go, bankers.

According to WCNC:

The U.S. Treasury Department is investigating whether Bank of America, Wells Fargo and eight other major banks may have illegally foreclosed on about 4,500 active-duty servicemen and women.

Charlotte-based Bank of America disputes the charges, but has agreed to work with an independent contractor and review more than 2,400 foreclosures on homeowners who indicated they were eligible for relief under the Servicemembers Civil Relief Act.

According to the Treasury's Office of the Comptroller of the Currency, Wells Fargo also has agreed to review 871 foreclosures of homeowners who indicated they were eligible under the act, which postpones or suspends certain civil obligations to allow active-duty service members to devote their attention to their military duty.

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