The Future of Housing: BOA's Brian Moynihan Speaks at Brookings Seminar.
OK, I have to say it. Bank of American is the big bank we love to hate.
There are few bloggers here on Active Rain who don't have at least one rant about a horrible experience with these guys, whether it was trying to help clients purchase of BOA foreclosure or short sale or a nightmare scenario with a buyer trying to jump through the hoops to get a mortgage approved.
So when I heard that Brian Moynihan was speaking at a Brookings this morning, I immediately RSVP'd. The subject? The Future of Homeownership in the United States.
In listening to Moynihan speak today, he seemed to point to the Countrywide merger as the source of their troubles. And the bulk of their short sales and foreclosures did involve Countrywide. But Bank of America became the face of the meltdown, and to Realtors around the country, we blamed the staff at BOA for so much of the incompetence that has shown up in our posts over the last five years - incompetence in cleaning up the messes of the company BOA acquired.
The Q and A part of his presentation was cut short before I got a chance to ask him something brilliant. But there was a guy from a group that advocates for Hispanic home buyers. He asked Mr. Moynihan about the minority buyers who were steered into sub-prime and other risky, exotic loan products, even though they could have qualified for normal 30-year fixed conforming loans. Um, he sort of danced around that one without really answering it.
And I thought. Wow! What a lawsuit! And then it occurred to me that this might have been one that's already been litigated. I mean, this is Washington. I have to call my favorite public interest litigator tomorrow and find out.
So I wondered what their strategy might be for regaining the trust of the real estate community - to the point that we might even start to refer our clients to them.
If you'd like to see for yourself what Mr. Moynihan had to say, here is the link to the seminar.
And the panel discussion? Some great ideas for future posts!
If you are planning a move to or from the Washington, DC area, I can help! I am licensed in the District of Columbia, Maryland and Virginia. Email me at Housepat@mac.com, or call 202-549-5167.