Bank of America former employees: 'We were told to lie'

[kpete]

This discussion thread was locked as off-topic by azurnoir (a host of the Latest Breaking News forum).

Source: NBC

Bank of America former employees: 'We were told to lie'

In sworn testimony, six former employees describe what they saw behind the scenes of an often opaque process that has frustrated homeowners, their attorneys and housing counselors.

They describe systematic efforts to undermine the program by routinely denying loan modifications to qualified applicants, withholding reviews of completed applications, steering applicants to costlier "in-house" loans and paying bonuses to employees based on the number of new foreclosures they initiated.

The employees' sworn testimony goes a long way to explain why the government's Home Affordable Modification Program, launched in 2008 during the depths of the housing collapse, has fallen so far short of the original targets to save millions of Americans from being tossed from their homes.

http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458

Read more: http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458

[forestpath]

1. Eric Holder: zzzzzzzzzzzzzzzzzzzz.............

[abq e streeter]

5. But, but , it might damage the economy.

You can't expect criminals to be prosecuted if they're obscenely rich , now can you? See ? I know I feel better now.

[Betsy Ross]

2. I was once told to lie by my supervisor at a department meeting.

I said absolutely not and she totally backed down, stuttering and stumbling.

[Swede Atlanta]

3. Eric Holder is one of the 1%...he will NEVER

prosecute someone from his own "class".

I hate to admit this but all senior administration officials see themselves as part of the 1%. They will never violate the trust that the 1% have to one another - never tramp on my ability to become even richer.

Eric Holder could care less about the plight of the average American. He wants to be sure the rich are still rich and the poor are still poor. He doesn't like the idea of justice because it is "messy".

For him as long as the little people remain in their place that is good.

[iandhr]

4. I am shocked...

SHOCKED to find gambling going on here.

[donnasgirl]

6. Is This

One of the banks that are to big to fail or prosecute.

[annabanana]

9. Yes it is. . . .

. . . . . so far.

[louis-t]

7. I say this in my business every day...

Banks won't do anything that doesn't benefit them.

[DeSwiss]

8. Since CAPITALISM is the biggest LIE ever told......

...what else could they do?

- K&R

[Nimajneb Nilknarf]

10. Bank of America employees LYING to customers?

I am mortified.

[jtuck004]

11. Obliging bastards, aren't you? Guess it's a good thing you weren't told to shoot innocent

children and old women and burn their villages to the ground.

[kimmylavin]

12. My husband and I were one of the "helped" ones.

And to this day, I know it was only because we were both home injured (him at work, me in a car accident), and had tons of time to wait on the phone, yell on the phone, send and re-send documents...

It was a nightmare of phone calls and photocopies, emails, and post office visits.
Then we finally got approved for the modification.
Until...

They told us they had sent us paperwork that we hadn't returned on time.
We insisted over and over that we had never gotten it.
THREE HOURS and several supervisors later, they got back on the phone and admitted that the package had been returned to them - they sent it to the wrong address.
(Apparently only high-level supervisors had access to FedEx tracking numbers?)
They destroyed it, and wrote it off.

I had enough time to argue to get a new packet sent, and we eventually got the modification.
From start to finish, our modification took 13 months.
It was an enormous help, and I thank President Obama for the plan, but I'm still furious that they didn't include oversight of the banks - can't imagine how many other people might have been helped.

[MrScorpio]

13. What do you call 10,000 bankers on the bottom of the ocean?

A good start.

[Judi Lynn]

14. Former Bank of America workers allege lies to homeowners

Former Bank of America workers allege lies to homeowners
Source: Reuters

Former Bank of America workers allege lies to homeowners
By Michelle Conlin and Peter Rudegeair Reuters
5:47 p.m. EDT, June 14, 2013

Six former Bank of America Corp. employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents.

bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court.

The former employees, who worked at Bank of America centers throughout the United States, said the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards to retail stores such as Target Corp and Bed Bath & Beyond Inc.

For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing.

More:
http://www.democraticunderground.com/1014509515

[Fire Walk With Me]

15. Banks got bailed out, we got sold out! n/t

[love_katz]

16. Kicking.

Spread this far and wide...share, share, and share again.

And, Right On, MrScorpio!

[azurnoir]

17. very sorry locking duplicate thread

please continue here

http://www.democraticunderground.com/1014509515