BofA - 'The Absurd and Patently False' Allegations ?

Pointing The Finger

In one corner, we have five former Bank of America Corp. employees who told a federal court they were instructed to mislead customers on the verge of losing their homes and stall their applications for loan modifications.

Bloomberg columnist Jonathan Weil writes that in another corner, we have Bank of America, which says nothing could be further from the truth.

Who’s right ? If anything, the bank’s strident denials make me more inclined to believe the workers’ claims. 'These allegations are absurd, patently false and contrary to Bank of America’s long-standing policy only to foreclose as a last resort when other available options to help keep people in their home have been exhausted', Jumana Bauwens, a Bank of America spokeswoman, told Bloomberg News in an e-mail this week.

Perhaps some of the allegations may be wrong. But to say all of them are obviously false? You have to wonder. A lot of the former employees’ claims make sense.

Hit the link below to access the complete Bloomberg News article:

Bank of America’s Foreclosure

Dimon: 'We Were Wrong About Stuff'

Big Citigroup Loss Hides in Plain Sight

Jonathan Weil joined Bloomberg News as a columnist in 2007, and his columns on finance and accounting won Best in the Business awards from the Society of American Business Editors and Writers in 2009 and 2010.

Weil was a reporter for The Wall Street Journal from 1997 to 2006, and before that at the Arkansas Democrat-Gazette in Little Rock. He grew up in Hollywood, Fla., and has a bachelor's degree from the University of Colorado at Boulder and a law degree from Southern Methodist University.

image: © Lisamarie Babik

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