In the following video, Motley Fool contributor John Reeves tells investors why he's not buying shares of Bank of America 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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The article Why I Wouldn't Buy Shares of Bank of America originally appeared on Fool.com.John Reeves has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup Inc, JPMorgan Chase & Co., and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.