Bank Of America’s Mortgage Servicing Downgraded

The SEC requires that one of three private credit rating agencies give a grade to all new bond offerings and the like.

So, yes, this is a private business, but it is also a government mandated cartel.

Bloomberg reports: Bank of America Corp. (BAC), the biggest U.S. lender by assets, had its servicer-quality ratings cut by Moody’s Investors Service after delaying foreclosures amid concerns that it mishandled mortgage paperwork.

Moody’s cited deterioration in the company’s collections and loss-mitigation, according to a report today by the ratings firm. The lender’s ratings “remain on review for possible further downgrade due to irregularities in Bank of America’s foreclosure process,” Moody’s said in the report.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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