NEW YORK (TheStreet) --
Bank of America CEO Brian Moynihan received a letter on Thursday from U.S. Senator Barbara Boxer (D., Calif.) calling on the bank to end delays in refinancing applications.
In her letter, Boxer cited a report from Bloomberg News on Wednesday that claims the bank has asked customers to wait 90 days before submitting a refinancing application, citing "two people with knowledge of the policy."
The reason for the delay, according to the report, is that a government program known as the Home Affordable Refinance Program, which helps homeowners lower payments, has increased refinance applications and created a backlog at Bank of America. Citing the report, Boxer states in her letter that JPMorgan Chase, Wells Fargo and Citigroup, "have not taken steps to discourage borrowers from refinancing."
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