For thousands of years, the banking business has been built on the idea of people keeping promises. Will Bank of America be able to keep the one they made yesterday?
Bank of America announced a pledge to answer consumer queries about their mortgages wihin three days. According to Bloomberg News, the pledge is in response to complaints of housing activists that lenders take too long to modify loans and prevent foreclosure.
I don’t doubt the sincerity of the bank’s initiative, but it can be mighty difficult for a large institution to change its feathers overnight, regardless of good intentions. Bank of America is indicating it will hire 1000 new employees to deal with mortgage servicing, however.
By Doug Beaton