This is a “continuation” of the Previous Post regarding the revelation from former Bank of America employees, regarding the Bank’s policies in regard to distressed homeowner’s Loan Modifications.
The Massachusetts class action law suit in which former employees are testifying against Bank of America, and telling it “like it is” from the inside is truly a shocking and distressful confirmation of what most homeowners going through the foreclosure process already knew.
This follow up article by Julie Wilson Infowars.com, July 10, 2013 to the BofA case brings out some very “sickening” facts.
Here are some quotes from the article;
“Last week, six former BOA employees revealed in a sworn statement to a federal court in Massachusetts that they were given financial incentives for deliberately foreclosing on peoples’ homes.
According to Salon, BOA employees in the mortgage servicing unit “systematically lied to homeowners, fraudulently denied loan modifications, and paid staff bonuses” for foreclosing on peoples’ homes.
“The BOA employees were told to lie to customers telling them their files were incomplete or missing, when they weren’t. Or, customers were told their file was “under review,” but would then be thrown out for being more than 30 days old.
Former case management supervisor William Wilson said, “I personally reviewed hundreds of files in which the computer system showed the homeowner had fulfilled a Trial Period Plan and was entitled to a permanent loan modification, but was nevertheless declined for permanent modification.”
Some employees even went as far as falsifying electronic records and also blatantly removed documents from the homeowners’ files to make it look like the borrower had failed to submit the required information.”
“Reportedly, employees who refused to lie to customers, didn’t meet the quotas, or questioned the bank’s ethics, were fired.
The U.S. Department of Treasury, the entity in charge of overseeing HAMP, failed to discipline a single bank for their blatant misconduct and refusal to follow the program’s guidelines.”
All I can say (again) is SHAME, SHAME, SHAME, on BofA, and all of the other Mortgage lenders and servicers that have done this to struggling homeowners. Is there no end to the Bankster’s greed? Wasn’t it enough to get the securitization leverage of up to 30 – 1 from the certificate holders that bought into the securitized trusts holding the pooled Notes? Do they really need to behave like this with the very taxpaying homeowners that bailed the banks out?
This story is the “poster boy” reason why Soles Of Passion support the Freedom Assistance Foundation, and it’s Mission to help homeowners with their foreclosure problems.