Bank of America routing property appraisals to India

Bank of America in India

Can you believe this?

“Bloomberg reports that Charlotte-based Bank of America (NYSE:BAC) has opened a unit in India to work on home-valuation paperwork.

 Jen Wilson

Associate Editor/Online-Charlotte Business Journal

Bank of America Corp. (NYSE:BAC) has opened a unit in India to handle the work of reviewing home-valuation reports as the Charlotte-based bank tries to rebuild its share of the U.S. mortgage market at a lower cost, Bloomberg reports.

Workers in BofA’s new Bangalore, India, unit follow checklists to determine whether the appraisal paperwork — one of the biggest problems in the mortgage business, according to one independent banking consult — has been completed properly, according to the report.

The move comes as BofA eliminated U.S. positions in its appraisal division, according to Bloomberg. The bank also is working its way through a lengthy and expensive legal process to settle claims tied to bad mortgages and foreclosure practices.”

N.Y. to sue Wells Fargo, Bank of America over mortgage practices

foreclosure crimesNo surprise here. They are continuing to violate loan modification, short sale requirement time lines. I know this personally since i am involved in a short sale with my mom’s place in Fla. We had 3 offers over 270 which the bank turned down.  We had another offer of 270 in Jan and the Bank (Wells Fargo) has not responded ,   Cleaned the place out and ready to do a jingle mail- shut off the elec and cancel the insurance. Do you have any idea what a place in Fla is like with a/c?

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Another foreclosure abuse settlement in the works

This one is different than the last one because the money all goes to homeowners who got the shaft from the banks. Some of the states had used the money earmarked for homeowners to for their treasuries. Not nice!!

Read more on Another foreclosure abuse settlement in the works…