“Another Foreclosure Brought to You By Bank of America.” - National People's Action
BofA - Chicago's Biggest Forecloser - could do many more HAMPs but won't
NPA alleges that Bank of America isn’t doing enough to mitigate the foreclosure crisis. The group says over 1 million of the foreclosures that Bank of America owns could be modified through the government’s much maligned Home Affordable Modification Program, but only 5.8 percent of those homeowners have been offered a loan modification.
HAMP may have failed because there wasn’t any accountability for banks (which is almost laughable, considering that’s the root of most of our problems these days) and the new federal program is supposed to be better.
But it’s clear – this foreclosure crisis isn’t going to go away anytime soon. We need banks, community members, city officials, and those affected on their feet, ready to stabilize communities and hold each other accountable.
Until then, we’ll be seeing more boarded up windows, or as NPA put it, “Another Foreclosure Brought to You By Bank of America.”
Bank of America: Chicago’s Biggest Forecloser - Megan Cottrell - One Story Up - True/Slant