Loan Rescues Create ‘Confusion,’ Bank of America Says

"The Obama administration stokes “confusion and delay” among mortgage lenders when it announces anti-foreclosure plans before completing the program details, a Bank of America Corp. executive will tell Congress.

Announcing programs without providing the rules for how borrowers and lenders should proceed “creates immediate demand with insufficient lead time for operational readiness,” Allen Jones, a default-management policy executive at Bank of America, said in prepared testimony to be delivered before the Senate Banking Committee in Washington today."