March 23rd, 2012
Banking officials, as a general rule, are old school. They are very resistant to change, and usually refuse to think outside of the box.
Over the years I’ve seen the banks hold little to no regard for the customers they serve. Their philosophy has essentially been ‘You can’t pay your mortgage, then out on your butt you go!’
Forget that they’ve screwed people, or caused the worst recession in 80 years.
Forget that homeowners often have good reasons for not being able to pay. Banks have had very little heart and even less common sense.
So I was blown away by Bank of America’s new test program, called “Mortgage to Lease”, which was unveiled this week. In a few select markets, BofA will give about 1,000 customers facing foreclosure the chance to stay in their homes by turning them into renters.