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.

Many investors are terrified about investing in big banking stocks after the crash, but the sector has one notable standout. In a sea of mismanaged and dangerous peers, it rises above as "The Only Big Bank Built to Last." You can uncover the top pick that Warren Buffett loves in The Motley Fool's new report. It's free, so click here to access it now.


Read/Post Comments (3) | Recommend This Article (13)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • 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.

Add your comment.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2516416, ~/Articles/ArticleHandler.aspx, 12/22/2014 4:12:37 AM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement