According to a recent Los Angeles Times article:

Bank of America CEO Brian Moynihan is out to convince Wall Street that he's finally bringing under control the financial disaster caused by BofA's acquisition of mortgage giant Countrywide Financial……..

….The three largest servicers — Wells Fargo & Co. and JPMorgan Chase & Co. as well as BofA — were punished by the government last month for their handling of troubled borrowers. The Obama administration cut off incentive payments to the banks under its signature loan-modification program, saying they needed "significant improvement" in their servicing operations……

…"Most importantly, the stuff's moving through the system," Moynihan said. "We're modifying and short-selling and other things faster than they're coming in."

Read the entire Los Angeles Times article here:

One Realtor’s BofA short sale saga:

Lisa’s La Crescenta BofA short sale:  Her clients offer was accepted by the seller on May 6th.  After over two months (7/14),  BofA ordered the BPO (broker price opinion, similar but cheaper than an appraisal).  Bank of America has still not approved the short sale; the home is vacant and weeds are sprouting.  

Just curious Mr. Moynihan if you consider this "moving through the system....." If so, seems like a really poor system.

Related Post: The tale of two short sales