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BOA employees claim they were paid BONUSES to foreclose on clients seeking loan modifications

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posted on Jun, 17 2013 @ 05:10 PM
Just when you thought BOA couldn't get any sleazier, a new story is coming out about how they encouraged employees to foreclose of clients seeking government loan modifications by paying bonuses if they met certain quotas and awarding gift cards for each new foreclosure.

BofA Gave Bonuses to Foreclose on Clients, Lawsuit Claims

Bank of America Corp. (BAC), the second-biggest U.S. lender, rewarded staff with cash bonuses and gift cards for meeting quotas tied to sending distressed homeowners into foreclosure, former employees said in court documents.

Mortgage workers falsified records and were told to delay U.S. loan-assistance applications by requesting paperwork that the Charlotte, North Carolina-based bank had already received, according to statements from ex-employees filed last week in federal court in Boston. The lender improperly disqualified applicants to the Home Affordable Modification Program, or HAMP, according to a May 23 statement from Simone Gordon, a loss-mitigation specialist who left the company in 2012.

“We were regularly drilled that it was our job to maximize fees for the bank by fostering and extending delay of the HAMP modification process by any means we could,” Gordon said. Managers instructed staff to “delay modifications by telling homeowners who called in that their documents were ‘under review,’ when in fact, there had been no review,” she said.


So, even after taking boatloads of taxpayer money to bail them out for their reckless mistakes, they have the nerve to kick their customers while they're down and take away their homes in spite of the government mandated (as a condition of the bailout) program requiring them to modify loans for customers.

Employees were encouraged to lose records and falsify information in order to get the modifications denied. They were required by law to swiftly process the modifications if the customer completed the three month trial. Instead, they dragged their feet and played games until they could find a way to stick it to their customers.

Of course, BOA is saying its one big misunderstanding and they would never do such an unethical thing to their beloved customers.

“At best, these attorneys are painting a false picture of the bank’s practices and the dedication of our employees,” Simon said. “While we will address the declarations in more depth when we file our opposition to the plaintiffs’ motion next month, suffice it to say that each of the declarations is rife with factual inaccuracies.”

After all the other crap they've pulled, I ain't too inclined to believe them.

edit on 6/17/13 by FortAnthem because:
___________ extra DIV

posted on Jun, 17 2013 @ 05:17 PM
This sort of practice should have been brought to the attention of the police fraud investigation squads or something like that. That is bloody well criminal. There needs to be a police investigation into that... and have people arrested.

posted on Jun, 17 2013 @ 05:47 PM
reply to post by DaRAGE

I agree,how sickening and disgusting.But that's the world of banking+big business-not one atom humanity left there.

posted on Jun, 17 2013 @ 05:54 PM
Is there any doubt that America is now a Fascist Corporate Oligarchy?

BOA will receive a slap on the wrist fine and it's business as usual.

posted on Jun, 17 2013 @ 06:00 PM
Interesting how the tactic here is "delay of paperwork," which parallels the (in)activities of the IRS office for non-profit entities.

Apparently, we're going to need a word for bureaucrats who screw you by refusing to do their jobs, but who serve their masters by doing so.

kind of like a cross between a boycott and a poison pill.

In Mexico, this sort of things can be fixed with a mordida in the form of an envelope full of cash submitted with your documents.

In arab speaking countries, it's called backsheesh.

Maybe in English, we can pronounce it "Banana Republic".

edit on 17-6-2013 by tovenar because: Blue Bell, That's what I like about Tex-as

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