Facing Foreclosure: The Blame Game
BOSTON (CBS) — The housing market in March of 2011 can be described as tenuous at best.
James Mahoney, Director of Corporate Communications and Public Policy for Bank of America says, “You can blame Wall Street, mortgage brokers, individuals for speculating. There is a lot of blame to go around. But unfortunately, a lot of people have suffered as a result of the bursting of the housing bubble.”
Alexis McGuiness of Laconia, New Hampshire counts herself among this group. She claims she was recruited into the Home Affordable Mortgage Program, or HAMP, and was promised an answer within four months. Ten months later, she was rejected , and had exactly a month to come up with $6,000 or was in imminent default and going into foreclosure.
Former commercial real estate attorney Moss Sidell says he’s worked on more than 300 similar files. He says the banks often lose documentation. A growing number of homeowners are fighting back by filing breach of contract lawsuits.
WBZ NewsRadio 1030’s Mary Blake reports.