While I've never really been a big fan of Bank of America I really had no idea how awful they really were until I read this article about unwarranted and illegal foreclosures on houses owned by active duty military service members. I know that bank of America has never been the most moral or institutions but I never thought that they could be so greedy and unpatriotic. The article goes on to say "The Servicemembers Civil Relief Act states that active duty soldiers may only be foreclosed upon in very extreme cases and must receive court orders before completing the process. The two mortgage servicers, Countrywide Home Loans Servicing (which, after a number of regulatory black eyes, was renamed by BofA) and Saxon Mortgage Services were both accused of knowingly and repeatedly violating the act. This was the largest amount ever recovered for such violations. The soldiers who were victims of the violations were a sympathetic lot; several had been injured in the line of duty or suffered from post-traumatic stress disorder. One was having regular nightmares. Another was paralyzed."
It doesn't take much thought to know that these type of practices are just plain wrong. But the question is what are we going to do about them? Bank of America is the big bad wolf and we are all just a bunch of sitting ducks. At the end of the day they don't care who's house they have to foreclose on or who's life they have to destroy so long as they squeeze out a profit (however small that may be). With the lack of a truly centralized political force lobbying for better regulation over these type of issues in Washington the end of these immoral practices may still lay far far away.