And from the ‘no sh*t’ catagory today:
Bank of America Corp unnecessarily burdened U.S. regulators who were reviewing the mortgage giant’s foreclosure practices, according to a court filing.
Federal regulators and state attorneys general have been investigating bank mortgage practices that came to light last year, including the use of “robo-signers” to sign hundreds of unread foreclosure documents a day.
The Department of Housing and Urban Development inspector general’s office conducted a review of the five largest mortgage servicers, including Bank of America, which is the biggest.
Departmental auditor William Nixon said BofA “significantly hindered” the review, according to a document filed in a lawsuit brought by the State of Arizona against the bank.