Photograph by Phelan M. Ebenhack/Bloomberg
Backed Into a BofA Corner Office
Banking reporter Hugh Son got a tip about an office far from Bank of America’s headquarters to which homeowners facing foreclosure were shunted off into an endless cycle of pointless paperwork. The trail took him to Urban Lending Solutions, a contractor Bank of America hired and sent homeowners who thought they’d reached the "Office of the CEO." In actuality, contractors at the so-called CEO’s office had a warehouse full of unopened mail, and instructions to have homeowners send in new paperwork every 30 or 60 days. It took Son more than a year of reporting to unwind the full story with the help of more than a dozen ex-employees, who uniformly regretted the treatment they’d been forced to mete out.