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Bank of America challenged over mortgage practices

Bank of America chief executive Brian Moynihan faced more complaints about his bank's handling of foreclosures at Wednesday's annual meeting, but shareholders rejected a proposal that called for an audit committee review of the mortgage business.

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The Rev. Clyde Ellis, a pastor from northern Virginia, said foreclosures have affected many from his congregation. One couple he knows has lost more than 70 percent of its income but was denied a loan modification, he said. Later, inside the annual meeting, Ellis spoke in favor of the shareholder proposal that called for an independent review of the bank's loan modification and foreclosure processes. "You just need to come to Prince William County - you'll see some disaster," Ellis told Moynihan, referencing an earlier comment about the bank's response to the earthquake and tsunami in Japan. "Sir, you've got to accept full responsibility for everything that has happened in this foreclosure situation."
The bank CEO thanked him and promised to prioritize helping the county.

Publication Date: 
Thursday, May 12, 2011
Source: 
The Charlotte Observer
News Media Category: 
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