Former Bank of America workers allege lies to homeowners

[Judi Lynn]

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.


Read more: http://www.southbendtribune.com/news/nationworld/sns-bank-of-america-workers-allege-it-lied-to-home-owners-20130614,0,4973359.story

[mpcamb]

1. Anybody going to jail for that?

Anybody going to do time?
Anybody even going to be on trial?

[Earth_First]

2. ...there's six mentioned in the aforementioned article.

...and the first individual who claims that I'm being 'anti'-worker' gets the gold "FU" sticker..

[BootinUp]

3. MF'ers!

[RobinA]

4. Traitors! Treason!

They probably lied on their resumes! What kind of people are our banks hiring these days?

[Cronus Protagonist]

5. I used to work for BofA

They have the most rapacious corporate culture I've ever seen. I have absolutely no surprise at this revelation, only perhaps that they haven't found so much more corrupt practices.

[Mnemosyne]

6. What heinous actions, driven by those with no consciences. nt

[ReRe]

7. BOA = Hell on Wheels

K&R

All this reminds me of an Al Pachino movie. So, anyone want to take dibs on when/if Congressional hearings will be held or when Eric Holder will react to this revelation? The other report about the Bank Manager being told to lie by BOA and this story have been included in the Friday night dump, so I don't think anything will be done at all. Too many other injustices going on right now to worry about this?

[BootinUp]

8. good observations

Friday night dump is right.

[blkmusclmachine]

9. .

.

[Xolodno]

10. We're talking about people who have no scruples, moral compass, etc.

....funny...that's what Republicans....oops, sorry they don't exist anymore...I mean "Conservatives" say about Democrats.

Back when we were in our way underwater money pit house...our lawyer suggested to negotiate with the bank on a modification in the hopes they would delay foreclosure and give us more time to save up funds before leaving. I don't think we ever really got the chance to negotiate with the BOA rep, his first demand was that we get second jobs over the weekends and evenings and to raid my 401k to get caught up on payments.....when we refused, he seemed to just go through the motions and denied us. After we hung up, my wife said it best "Wow! That was like talking to Satan!"

But what got me was, how many people must actually do this? You sacrifice your retirement and hence your future to pay for a house...that you may still lose anyway due to one, the payments still being too far out of reach and two, the bank may still foreclose because you forgot to dot an "i" on the modification. Oh and then you sacrifice living life, family etc. as you are working all the time to pay a mortgage.

Just amazing how low some people can go to get that "bonus".

[Trillo]

11. Why are we trained in compulsory school to be honest

when most all the rewards are found in lying & cheating?