Bank of America (NYSE: BAC) had engaged in a somewhat novel tactic in the PR wars over its foreclosure policies, which have ignited much angst. The bank's PR team has apparently authorized an article on the Huffington Post from Rebecca Mairone, who is identified as a "Default Servicing Executive, Bank of America Home Loans." This is noteworthy as she is not one of the big-dog executives, whom most companies trot out to take on critics. Note that Barbara Desoer has been feted as the executive bent on solving these problems.

The Mairone article, which was likely written by the PR team, got the banks' talking point out front and center:

• We stepped up to purchase Countrywide at a time when failure of that company would have been devastating to the economy, the markets, and millions of homeowners.
• Our priority remains to keep people in their homes.
• The vast majority of our portfolio--86 percent--is current and performing.
• Modification solutions are intensely focused on the 1.3 million customers who are more than 60 days delinquent--85 percent of which are Countrywide originated loans.
• Bank of America has completed nearly 700,000 permanent modifications including more than 85,000 under the government's HAMP program--the most of any servicer.

Her article also notes that the basis for foreclosure is sound and that of the 1.3 million customers who are more than 60-days delinquent, 195,000 have not made a payment in two years. Of those loans which have not received a payment in two years, 56,000 are already vacant.

This is an interesting move, as it positions one of the bank's lower level employees making arguments via the Internet to by-pass the media and address the public directly. This is going straight to the people unfiltered, an end-run around the media, which always marbles the good with the bad. This is a great example.

For more:
- here's the article

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