Children and families are affected by Bank of America's practices. Bank of America, the largest bank in the U.S., has engaged in unethical business practices, which includes their role in predatory lending and illegal foreclosures. Faced with legal action for their abusive acts, Bank of America canceled HUD/FHA mortgage loans as paid in full and then unbeknownst to the homeowners, BOA sold/transferred the loans to companies like Aurora Loan Services and Aurora Bank to continue collection of monthly payments.
What's worse is that Bank of America's decision to transfer or sell these loans will become a widespread practice by other banks like Wells Fargo, GMAC Home, Countrywide and Chase bank as a way to avoid legal action for illegal foreclosures and unethical practices like predatory lending.
This tactic will hurt consumers who are victims of predatory lending, illegal foreclosure tactics or other abusive acts because it will remove BOA from the legal process. In an effort to avoid lawsuits, BOA has canceled debt, but is now using other companies to collect on these mortgages through different loan account numbers.
Taxpayers gave Bank of America billions of dollars in bailout money with the belief that the bank would help consumers and jump start the economy. In turn, they have engaged in these illegal and questionable business tactics. The taxpayers must take a stand against these abusive acts and demand that once BOA cancels a loan as paid in full, it will not be able to allege that it did so by mistake or be able to sell/transfer the loan to another bank to collect payments.
Please join me in telling Bank of America that you are appalled by their tactic and that enough is enough! Sign my petition calling on BofA CEO Brian Moynihan to swiftly reverse the bank's decision to sell/transfer canceled mortgage loans to be collected by other banks or mortgage companies.