Bank of America must let its employees take long lunches, or maybe they just come in really late and leave really early. The Treasury Department recently released a report that has taken notice that Bank of America consistently takes longer than other banks to answer calls from owners of distressed properties (properties that are behind on their mortgage payments) and they lose the highest percentage of calls. They take approximately 40 seconds or more to answer calls. In October the bank abandoned more than 3% of its calls.
Furthermore, the government has a program called Home Affordable Modification Program (HAMP) that promotes loan modifications. Bank of America has one of the lowest rates among the 17 large loan servicers in the program for converting trial loan modifications to permanent modifications. On December 17 Arizona and Nevada attorneys general filed separate lawsuits accusing it of misleading borrowers seeking loan modifications. The Arizona complaint characterized it as ranking “last in virtually every homeowner experience metric” tracked in the Treasury’s reports.
And don't forget that in October Bank of America stopped foreclosures in all 50 states after errors were found in its foreclosure process.
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