Too Large to Fail and just too stupid to exist?

April 13th, 2010  |  Source: FierceFinance

Another erroneous foreclosure at Bank of America

It’s happened again. Bank of America, by some measures the largest bank in the United States, has erroneously foreclosed on a house and then sold it right out from under the owners, who were up to date on their payments and the victims of another mistake.

FierceFinance has noted a spate of such incidents around the country. The latest incident occurred in the metropolitan Atlanta area. Homeowner Rani Achaibar told a local FOX affiliate that she was shocked when a man showed up at her house claiming he had just purchased it.

Unbeknownst to the Achaibars, their $500,000 home had been auctioned off at the county courthouse.

Bank of America at least conceded that the Achaibars were up to date on their payments and that a mistake had been made. 

This is something that easily generates bad press locally. The home office perhaps ought to get involved, as it really undercuts the image of Bank of America as a competent institution. 

By Jim Kim on

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