NFHA Accuses Bank of America of REO Neglect

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Two thoughts come to mind when reading this. 1 – Does it seem that every week or so Bank of America was some sort of accusation leveled against it. If these guys are that bad why are they still allowed to do business? 2 – Why do the stock holders allow their corporate officers to get away with all of these costly practices?   Please read the article below.

The FHA Condos Approval Company, Inc.

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The National Fair Housing Alliance (NFHA) held a press conference Wednesday announcing that it will file a new complaint with HUD accusing Bank of America of ongoing neglect of REO properties in minority neighborhoods, which the NFHA says would be in violation of the federal Fair Housing Act. The NFHA added five new cities to the complaint – Memphis, Denver, Las Vegas, Tuscon, and Philadelphia – bringing the total to 18 metropolitan areas.

Bank of America Senior Vice President Dan Frahm responded that NFHA had not contacted Bank of America about the properties mentioned Wednesday, and if they had Bank of America would have helped to ensure the accuracy of their information.

“Bank of America applies uniform practices to the management and marketing of vacant bank-owned properties across the U.S., regardless of their location. Any suggestion to the contrary is simply untrue,” Frahm said. “Previous claims by NFHA revealed numerous, material flaws in their methodology and how they represented that information publicly. The majority of properties NFHA faulted us for were, in fact, the responsibility of other entities to maintain and market, didn’t take into account the property condition at the time we were granted authority to maintain it, and included properties the bank had agreed to donate to local groups in their existing condition.”

Shannah Smith, president and CEO of NFHA, said that Bank of America’s policies allow home prices to deteriorate to the point that investors can buy them at a discount.

To read the complete article please use the link below.

REO Neglect

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