Why I Wouldn't Buy Shares of Bank of America

In the following video, Motley Fool contributor John Reeves tells investors why he's not buying shares of Bank of America (NYSE: BAC  ) today. John discusses several shady practices the bank's former employees have accused it of, including using the Home Affordable Modification Program, or HAMP, as a tool to get as much money out of borrowers as possible before foreclosing. John frames this as a bank putting shareholder interests ahead of customer interests, something he would never touch as an investor.

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  • Report this Comment On June 29, 2013, at 7:19 AM, jgetze wrote:

    Interesting that the quotes from all six former employees are remarkably similar, even containing many of the same words and phrases. People lie for money.

    This is a private lawsuit. Buying one side over the other is wrong, biased, and a lousy way to attack a century old institution that has served its customers well. To make these alleged crimes sound as if they were part of BofA's management plan is a terrible lie. You should be ashamed for publishing this.

  • Report this Comment On June 29, 2013, at 7:35 AM, Rusty56 wrote:

    John - Go back to sleep.

  • Report this Comment On June 29, 2013, at 1:41 PM, sluggo47 wrote:

    This man is silly and naive. Most of the sins attributed to BAC were committed by Country Wide Mtg. This employee dispute is suspect at best and

    just another grab for $$ and BAC is an easy target.

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