Bank of America May Cause More Foreclosures
July 2, 2009 by admin
As one of the country’s largest home lenders — and the largest bank by deposits in Washington —Bank of America could end up pushing thousands more homeowners into foreclosure or personal bankruptcy, said Richard Eastern, a short sale consultant in Bellevue.
It’s unclear whether other lenders are following suit. But Bank of America could be harming itself with this tactic, Eastern says, because the foreclosures would have to be carried on its books until sold. Bank of America also owns Countrywide Financial, one of the largest mortgage lenders in the country. Read more about foreclosures…
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