Even MORE details how BOA screwed HAMP customers...
SIX former employees, not just one, have told of BOA dirty tricks.
* the bank rewarded customer service representatives who foreclosed on homes with cash bonuses and gift cards
For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus.
*About twice a month, the bank cleaned out its HAMP backlog in an operation called "blitz," where it declined thousands of loan modification requests just because the documents were more than 60 months old.
* former employees said they were told to falsify electronic records
*the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.
*Once a HAMP application was delayed or rejected, Bank of America would offer an in-house alternative,
charging as high as 5 percent when the loan could have been modified for 2 percent under HAMP.
Link to story:
http://www.oregonherald.com/news/show-story.cfm?id=371471
NOTE:
The gov. paid banks to do HAMP mods.
So BOA lied to Gov't about how many they did, got paid, then turned around and made MORE money by offering HAMP customers higher than normal loan rates OR by foreclosing and selling the house.
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