By John W. Lillpop
It should come as no great surprise that the Bank of America and Wells Fargo are major players in the mortgage foreclosure scandal. These so-called financial institutions have a recent history of cutting corners by disregarding important facts and details.
For example, in 2006 the Bank of America, proudly and with great fan fare, promoted a program that provided credit cards for illegal aliens (see reference 1).
In that same year, Wells Fargo took the insanity a little further by openly promoting home loans for invading criminals. (See reference 2).
The Wells Fargo response to questions about home loans for illegals included this nonsense, also included in Reference 2:
"We're not required to ask the immigration status of any of our customers. That is the responsibility of the federal government," Wells Fargo bank representative Jerry Ruiz said.
That cavalier and idiotic approach to home lending is indicative of the lack of professionalism that has fostered the foreclosure scandal.
As reported at Bloomberg.com (Reference 3), in part, BofA and Wells Fargo are finally reaping the bitter fruits of their unprofessional practices.
Which hopefully fulfills the old adage, “Cheaters Never Prosper!”
Ref 1 http://bankofamericaboycott.org/
Ref 2 http://www.diggersrealm.com/mt/archives/001529.html
Ref 3 http://www.bloomberg.com/news/2010-10-14/bank-of-america-downgraded-by-bond-market-on-foreclosures-credit-markets.html
