Banking Law

Sooner or later, Bank of America is going to have to get its "stuff" together. In the interim, we'll continue to marvel at its inability to keep its hands off other peoples' homes. After swiping a parrot named Luke, the banking behemoth seized a house they'd previously foreclosed upon and sold, for cash, to a doctor. Imagine the doctor's surprise when he visited the home and found that BofA's wrecking crew had changed the locks and cleaned him out. Thank goodness he didn't have a parrot in the place.

One day last week, he says, ?we arrived at the house on our daily visit to discover? the locks on the house changed.  A sign in the window basically [stated] that the property had been secured by Bank of America to protect its interest and prevent entry by unauthorized individuals.  A call to the emergency number resulted in no callback after two attempts.?

Dr. Kassing then spent a couple of hours at the office a BofA branch manager: ?She spent most of the time on the phone being transferred around Bank of America phone lines and waiting on hold.  It was finally acknowledged that an error occurred and the house was incorrectly seized.  It was agreed that a locksmith would be sent out to open up my property again.?

Once he got inside, the doctor found that the possessions he had put in the house were gone: ?About $2,000 worth of property was taken, including a new microwave still in the box, multiple tools, and various other items.?

It's as if the Keystone Cops had been revivified and put in charge of every aspect of Bank of America's post-foreclosure process. Passed around and put on hold appears to be a way of life these days with the too-big-to-be-held-accountable, whether it's your friendly giant bank or your favorite local cable television monopoly. These guys could make a populist out the Sun King.

Adding sprinkles to the top of the cupcake was the fact that Bank of America didn't start to rectify this massive faux pas until Wall Street Journal reporter James Hagerty placed a call. After that, they offered to cough up cash to reimburse the good doctor for the pilfered property, trespass, and infliction of brain damage.

An email from a BofA executive to Dr. Kassing says: ?We sympathize with the frustration and inconvenience you and your family have experienced and sincerely apologize for the fact that there was also a disconnect in reaching us to discuss the matter.?

The article doesn't document what Doctor Kassing's response to this sincere apology might have been. Shall we assume it included the phrase "...and the horse you rode in on"?

You know, if this was the first time this had occurred, you'd cut the bank some slack. Instead, this is becoming a way of life. On the bright side, it's great advertising for switching your banking relationship to a community bank.