Complaints Surging, Modifications Decreasing As Loan Servicers Snap Up Mortgages From Banks

Complaints Surging, Modifications Decreasing As Loan Servicers Snap Up Mortgages From Banks

It’s been a rough few years for homeowners. Since the collapse of a housing bubble in 2008, mortgage-holders have been yanked around every which way by the banks that own their loans. Mega-banks like Wells Fargo and Bank of America have earned their reputations for being impenetrable, hostile bureaucracies to their customers. The industry has done everything from issuing loans that borrowers had no chance of repaying, to “losing” paperwork that distressed borrowers endlessly resend, to foreclosing on borrowers who have actually paid, and even discriminating based on race and gender. [More]