Fraudclosure | Mortgage Review Urged at Bank of America

 

Mortgage review urged at Bank of America

2 advisory firms support requiring study, up for vote at bank’s annual meeting.

Excerpts from the report…

An advisory firm on Thursday backed seven out of eight shareholder proposals up for a vote at Bank of America Corp.’s annual meeting next month, including one that would require a review of mortgage operations.

In a report late Thursday, another advisory firm, Glass Lewis & Co., urged investors to vote against Rossotti and director Virgis Colbert, citing their past service on the Merrill Lynch & Co. board. Glass Lewis backed five of the eight proposals, including the mortgage review.

The mortgage proposal stems from the controversy that began last fall over “robo-signing” in which bank workers rapidly processed foreclosure paperwork without properly reviewing underlying documents. Federal regulators have reached agreements requiring banks to improve their processes, and state attorneys general continue to investigate the problem.

The proposal submitted by the New York City comptroller, on behalf of the city’s employee pension system, calls on the board’s audit committee to conduct an independent review of the company’s internal controls related to loan modifications, foreclosures and securitizations and issue a report to shareholders by Sept. 30.

“With the company’s mortgage-related practices under intensive legal and regulatory scrutiny, we believe the audit committee should act proactively and independently to reassure shareholders that the company’s compliance controls are robust,” ISS said.

ISS is backing a similar proposal before Wells Fargo & Co. shareholders next week.

You can check out the report in full here…

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Comments
7 Responses to “Fraudclosure | Mortgage Review Urged at Bank of America”
  1. talktotennessee says:

    All the finger pointing now beginning to surface is tandamount to risk management.

  2. Fury says:

    you can’t fix fraud.
    you can’t mod a fraud.

    full restitution to defrauded homeowners!

  3. l vent says:

    Time to review all of the mortgage fraud they committed and try and find a way to fix all of that massive fraud? There are way too many holes in that pirate ship. That ship sailed with the tax-payer funded bailout scam and fraud which was used solely to prop up the banks and was followed by the loan mod fiasco. A loan mod would have been more fraud to cover up for all of the other fraud.

  4. Jason Werner says:

    Technically, this would be considered in-fighting.

  5. TheHutMaster says:

    Allow me to save the time…..

    BOA’s (Bending Over America) mortgage-related practices ARE NOT ABOVE BOARD.

    THERE, MEETIING ADJORNED.

    “Fight The Good Fight”

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