Week Adjourned: 3.26.10

Top Class ActionsWasn't TARP supposed to help? BOA WA customers want to know...

One Percent Solution? Wasn’t it about this time last year when the big bank bailouts were front page news? You know, billions of tax payers’ dollars forked over to some of the biggest lending institutions in the country to help stave off complete economic obliteration stemming from bad lending practices and resulting mortgage foreclosures? 

Well, sadly, and the cynic in me says predictably, it seems the bailout bucks may not be reaching their intended destination. Washington homeowners are suing Bank of America claiming the lending giant is intentionally withholding government funds intended to save homeowners from foreclosure.

The lawsuit claims that Bank of America systematically slows or thwarts Washington homeowners’ access to Troubled Asset Relief Program (TARP) funds by ignoring homeowners’ requests to make reasonable mortgage adjustments or other alternative solutions that would prevent homes from being foreclosed.

FYI—Bank of America accepted more than $25 billion in government bailout money financed by taxpayer dollars purposely to help struggling homeowners avoid foreclosure. Apparently, one in eight Continue reading “Week Adjourned: 3.26.10”