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Bank of America (BAC) is biggest so it's only natural it should lead by a wide margin in...

Bank of America (BAC) is biggest so it's only natural it should lead by a wide margin in mortgage-related complaints made to the CFPB, according to the bank, which blames its #1 spot on the Countrywide acquisition. BofA accounts for 29% of all complaints filed to date, compared to #2 Wells Fargo (WFC) with 16%.
Comments (8)
  • Storm Warning
    , contributor
    Comments (155) | Send Message
     
    Then it's only natural the bigger ones should all be broken up so they don't have to suffer this condition any further.

     

    It sounds like the government would be doing them a favor.
    1 Apr 2013, 12:05 PM Reply Like
  • slash32is4
    , contributor
    Comments (117) | Send Message
     
    unless the banks just give people the properties for free people will complain, and if they did people would just complain that they only gave them 1 property and not 2
    1 Apr 2013, 12:30 PM Reply Like
  • joker
    , contributor
    Comments (102) | Send Message
     
    Of course. Isn't that obvious to anyone who is not stupid?
    1 Apr 2013, 12:52 PM Reply Like
  • NCBanker
    , contributor
    Comments (9) | Send Message
     
    A better story would be based upon how many complaints the CFPB converted into inquiries or actions. slash32is4 is correct - just having complaints lodged means nothing.
    1 Apr 2013, 12:53 PM Reply Like
  • MexCom
    , contributor
    Comments (3051) | Send Message
     
    This is only a negative slant on the situation and unbalanced reporting. As published in the Charlotte Observer - BAC's hometown: "In the majority of the cases, each bank closed complaint files by explaining to the customer what happened and not granting relief."

     

    I can remember that in the story I read in the print edition and in most cases did not result in any compensation to the homeowner because their complaint had no merit. Most that resulted in any compensation relief was in the form of loan modification and a lowering of monthly payments that resulted in getting non-performing loans back on the asset side of the balance sheet. Most of these relief efforts resulted in a win/win situation - the homeowner wasn't foreclosed and the bank increased its profit margin. Extremely few of the complains resulted in any direct cash compensation paid back to the home owner.
    1 Apr 2013, 01:01 PM Reply Like
  • Pwdrskir
    , contributor
    Comments (135) | Send Message
     
    The CFPB will report “unfounded” complaints along with legitimate complaints. That seems unethical to me.
    1 Apr 2013, 02:23 PM Reply Like
  • benitus
    , contributor
    Comments (1907) | Send Message
     
    Most of its mortgage problems came with the Countrywide acquisition. At the time, it seemed very attractive precisely because of its large mortgage portfolio, so when mortgages crashed, down went BAC with Countrywide, so it's natural that BAC has the most bad mortgages, not because it's the largest bank but because it has the largest portfolio of bad mortgages.
    1 Apr 2013, 03:21 PM Reply Like
  • opine
    , contributor
    Comments (11) | Send Message
     
    BAC being "biggest" in terms of assets shouldn't
    be tied to # of mortgage related complaints. More
    relevant is comparing "mortgage complaints" to
    comparable mortgage loans.
    2 Apr 2013, 10:39 AM Reply Like
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