Do you know why BoA wants to foreclose on so many properties? In my naive understanding of American mortgages it seems to make more sense for them so keep mortgages active as long as people are paying.
Remember that BoA doesn't actually own the risk on the mortgage. That was sold to owners of the Mortgage Backed Security. BoA is the servicer of the loan. Think of it as a fund manager.
So when the mortgage is foreclosed, it's not BoA that takes the loss, it's the owners of the MBS.
The article says: "they also pushed people into foreclosure to collect additional fees from them." BoA has discovered that foreclosure is more profitable than loan modification for them due to the fees they charge in the former case.
