October 11, 2011; Source: Fox Business | Under increasing pressure for its lack of competent servicing of foreclosure related loan modifications and for hiking debit card fees, the Bank of America has launched in 12 major markets a campaign that cites its charitable expenditures and small business lending as proof of its dedication to financially healthy communities. Some are not impressed.
Kathleen Day, the spokeswoman for the Center for Responsible Lending in Durham, North Carolina says the ads are “irrelevant” and adds “The only thing that matters is that they and other banks clean up their servicing operations so they can do more loan modifications and never do the same thing to the economy again.” On Sunday an ad ran locally carrying the tagline: “We’re working to help keep the North Carolina economy moving forward.”
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Readers may wish to look also at Rick Cohen’s article from earlier this week for a discussion of corporate donations from financial institutions in light of the Occupy Wall Street movement.—Ruth McCambridge