Bank of America calls attention to the good things it does
Bank of America, which has been a lightning rod for criticism and lawsuits amid the nation's worst-ever home foreclosure crisis, wants to call attention to itself — for a good reason. The country's largest bank Wednesday unveiled its first-ever Social Responsibility Report, outlining accomplishments in community development lending, charitable giving and in making products and services "fair and transparent."
The Charlotte, N.C.-based lender, the biggest in New Jersey, said Wednesday it modified more than 285,000 mortgages for distressed homeowners last year, made $200 million in philanthropic donations and provided $168.5 billion in community development lending and investments.
The report said that in New Jersey — where its market-leading share of deposits has been declining amid branch closings — the bank provided more than $5.6 billion in loans and investments for affordable housing last year, including mortgage loan modifications and financing for housing for low- and moderate-income households.
Bank of America also provided more than $645 million in small-business loans and lines of credit in the state and about $5 million in charitable giving.
Like most of the country's largest banks, Bank of America has earned a reputation for imposing excessive fees, providing low rates on savings and offering indifferent service. Its reputation has been further tarnished by its troubles in dealing with foreclosures and loan modifications.
The problems stem mainly from its 2008 acquisition of the troubled mortgage lender Countrywide Financial Inc., said Phyllis Salowe-Kaye, executive director of consumer watchdog New Jersey Citizen Action, which receives funding from Bank of America and other banks to provide homeowner counseling services.
"It seems that they are trying to be part of the solution instead of part of the problem,'' Salowe-Kaye said, "but they clearly were part of the problem."
"Bank of America is committed to making opportunities possible for customers and clients by responding to their financial needs, helping drive economic growth and supporting the communities where we do business," Brian Moynihan, Bank of America's chief executive officer, said in a statement. The 87-page report "provides an overview of important company initiatives and helps illustrate the progress we've made."
The company broke with the rest of the industry last year by eliminating overdraft fees for point-of-sale debit-card transactions and has taken steps to make fee disclosures more clear for customers.
Is America The Worse Country - News
Fees and mortgage servicing dysfunction amid the nation's worst-ever foreclosure crisis have helped make the Charlotte, NC-based bank, the nation's largest and the biggest in New Jersey, among the most reviled. The JD Power and Associates Customer
However instead, in recent years, hunger rates have more than doubled for poor seniors in the country, and it is likely to get worse as the older population is the fastest growing cohort of the US population. You can get more statistics on Senior
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The prospect is made even worse by the Supreme Court having upended the limits on political spending. It is pretty sick to insist that massive military spending levels should be protected from cuts whilst school children, the sick and the vulnerable
Bank of America, which has been a lightning rod for criticism and lawsuits amid the nation's worst-ever home foreclosure crisis, wants to call attention to itself — for a good reason. The country's largest bank Wednesday unveiled its
best and worst countries to live in? | Best Countries To Live
It depends on few things: do you have everything you need to settle there and to have a decent life? (People said about Switzerland: if you are not "over" diplomed and so, it would be hard to find a job, and/or a decent paid job. So that, apparently it is a nice country to live in, but practically isn’t so easy as it could seem). Worst countries: anywhere there is a totalitarism (political or religious) ruling the country. You won’t be free to express what you think and feel. I guess it will be live moving into a prison, undependently of how much "beautiful" the county looks like.
Is America The Worse Country - Bookshelf
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