1825 K Street, NW, Suite 400, Washington, DC 20006
202-955-5665 (tel) | 202-955-5606 (fax) | www.ourfuture.org
Since the foreclosure fraud scandal — in which banks were caught allowing “robo-signers” to approve potentially fraudulent foreclosure forms — first hit the national airwaves, Wall Street banks have been trying to downplay the extent of the problem, claiming that it only has to do with paperwork mistakes and not a compete disregard for due process and property rights. Wells Fargo and Citigroup both refused to implement foreclosure moratoriums despite their associations with robo-signers, and Bank of America and Ally Financial have both lifted their respective moratoriums.
Epitomizing the banks’ attempt to turn this into a story about mistaken paperwork — and not one about improperly throwing people out of their homes — Bank of America has come forth with an admission that it made “some mistakes” in its foreclosure process, but insists that they are “relatively minor”