Financial from The usa features accepted one to HAMP’s «implicit» mission would be to boost the banking companies one to produced brand new fake fund — not the brand new consumers. You to definitely goal try a comparable mission hidden the choice to extort FASB so you can gimmick the brand new accounting laws and regulations — delaying losses detection. For example, as outlined by Jon Past
Within the Bank out of The usa associate Rebecca Mairone’s reaction to all of us, she does not answer, not to mention competition, the fact their own bank, as well as other banking companies, might have been dishonestly foreclosing with the features — dishonestly deleting folks from their houses
BofA Merrill Lynch experts told you critics of program aren’t yet vindicated on their phone calls you to HAMP is a failure. «Because the improved lso are-default rates will offer much more ‘fodder to people regarding camp’ one to relationship HAMP once the failing, we really do not envision the story can be so easy,» with regards to the statement.