I wanted to start a thread about the story coverage about the loan modification that was aired today and the unnecessary indirect bashing of Bank of America.

From the looks of the poor investigation and coverage, I wanted to ask if the loan modification was reducing loan payments for a period of time with a balloon payment following? Of course this is not a permanent mod!! This story is making Bank of America into a monster when in all actuality, it's not their fault and was attempting to help this couple. from going into foreclosure in the first place. The names of the couple has slipped my mind, but it is their bad for not understanding their temporary mod. Even without help, they could have worked out a permanent mod after.

Bottom line, just because they didn't qualify for Freddy Mac or BoM's permanent loan modification the first time around and get a ridiculously 2% interest rate, ABC news shouldn't throw BoM under the bus. Personally I think BoM should have retaliated and explained the situation if my assumption is correct.

#discuss