Bank of America to pay 108 millions fine

If it can be said that Countrywide single handedly triggered this foreclosure fiasco, it would not a fictitious statement. Countrywide was more liberal in awarding loan to undeserving people without checking any of their creditworthiness compared to any other financial institution. We have hundred of thousands of home foreclosure situations throughout USA and no one is found to be blamed and punished. Finally, Bank of America is found culpable and rightly punished. This bank has not learnt anything from Countrywide’s fiasco, and still doing lots of bad things including a very slow loan modification process. Following is an interesting article to read about all these mattershttp://www.nytimes.com/2010/06/13/business/13gret.html?ref=foreclosures

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