Brookstone Law PC: Bank of America CEO Comments Demonize Consumers Hurt by Foreclosure Crisis

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Media Coverage Shows Bank is Spending Millions on PR and Advertising that Legal Experts Say Ignores Homeowners while CEO Criticizes Consumers Hurt by Foreclosure Crisis

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“The remarks clearly demonstrate Bank of America's disrespect for homeowners, which they have to endure when trying to fix problems created by the very bank that is publicly criticizing them.”
-- Vito Torchia, Jr.

Bank of America CEO Brian T. Moynihan’s recent public tirade against consumers hurt by the foreclosure crisis is an attempt to marginalize and demonize homeowners seeking relief from the Bank’s role in the foreclosure crisis, according to Vito Torchia, Jr., managing attorney of Brookstone Law, PC.

According to media reports, in a recent global town hall meeting, the Bank’s CEO said he is "incensed" by public criticism of his company and told the bank's critics they ought to “think a little… before you start yelling at us." The company has launched an advertising and public relations campaign designed to influence local and state officials to improve the bank's battered public image and the event followed the Bank’s announcement of a third-quarter profit of $6.2 billion.

“The comments are an outrageous affront to thousands of homeowners who have been hurt by Bank of America’s incredibly poor management and proven lack of due diligence,” said Vito Torchia, Jr. “The remarks clearly demonstrate Bank of America's disrespect for homeowners, which they have to endure when trying to fix problems created by the very Bank that is publicly criticizing them.”

Media coverage of the Bank’s lack of due diligence and poor management includes the Bank’s getting an address wrong and foreclosing on the wrong home, making mortgage payment demands from someone who wasn't their customer, and threatening a customer with foreclosure if he didn't make a payment of $0.00, giving the same account number to two different people, opening credit card accounts for people who don't ask for them and hindering a federal review of FHA-insured housing loans.

“The new PR campaign blatantly ignores the people Bank of America has hurt the most, those who need the most help right now as a result of the foreclosure crisis and it is a strategic decision to marginalize those consumers to help the Bank reduce liability from the foreclosure crisis,” according to Vito Torchia, Jr. “It is clear that homeowners are nothing more to them than a means to more profits, which is why those who do not have expert legal counsel to help them should get help as soon as possible before banks further marginalize their interests.”

According to media reports, Bank of America was named the country's second-worst company by following only BP Plc, the firm blamed for the worst U.S. offshore oil spill.

“It is not surprising that Bank of America ranked lowest in a recent survey of small business customer satisfaction," according to Vito Torchia, Jr. “Now they are spending millions of dollars to ignore the consumers they hurt and are acting like victims while announcing profits.”

Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and real estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit Brookstone

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