Now, more than ever, the real estate market is under the microscope. At a glance, it would be easy to assume that the 2008 financial crisis and housing market upset, combined with the relatively weak economic recovery that followed, has discouraged would-be homeowners. The housing market may have experienced a rebound from recession lows, but horror stories about illegal foreclosures still make headlines.
As recently as June, Bank of America (NYSE:BAC) was accused of deliberately denying eligible people for loan modifications, as well as lying to them about the status of their mortgage payments. Former bank employees allege that the firm incentivized employees to push people toward foreclosures through cash bonuses.
Stories like this aren’t rare. Since 2012, 18,000 home shave filed complaints to the Consumer Financial Protection Bureau about Bank of America alone. Foreclosure activity has declined recently, but the damage has far from healed.