Bank of America Lies About Loan Modification

Introduction

NBC Business News Source

Excerpts and adaptations extracted from NBC Business News published June 17, 2013. Visit this link for the full story: http://www.nbcnews.com/business/bank-america-former-employees-we-were-told-lie-6C10351458

Employees Ordered to Lie

“We were told to lie to customers,” said Simone Gordon, who worked in the bank’s loss mitigation department until February 2012. “Site leaders regularly told us that the more we delayed the HAMP [loan] modification process, the more fees Bank of America would collect.”

BOA’s Consumer Deception

Regulators Cite Mistreatment of Borrowers

‘Regulators have repeatedly cited lenders for mistreating borrowers trying to modify their mortgages. In April 2012, five big banks—including Bank of America—settled a sweeping complaint with 49 states and several federal regulators about their foreclosure and loan modification practices. The banks agreed to provide $26 billion in relief and adhere to a sweeping series of new rules when modifying loans.’

Witness Testimony Against BOA

Unfortunately for BOA, sworn testimony given by six former employees describes what they witnessed behind the front BOA was putting on outside of its offices. Of course BOA denies these allegations and says the testimonies are filled with factual inaccuracies that will be addressed in depth when BOA’s attorney’s file their opposition to plaintiffs’ motion next month.

Internal Undermining of the HAMP Program

Bank of America Lies About Loan Modification

The witnesses describe calculated 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.’

HAMP Program Failures

Instead of helping to keep people in their homes as they agreed to do through the extension of the HAMP loans, BOA was rewarding employees who did the opposite. HAMP stands for the government’s ‘Home Affordable Modification Program…

Borrowers Frustrated by Repeated Document Requests

Falling short with the assistance of lenders like BOA…

Upselling Denied Borrowers Into Costlier Loans

After days and weeks and months of stringing their borrowers along…

The “Blitz” Mass Denial Process

‘In his affidavit, Wilson said most of the information the bank repeatedly requested…

Consequences of BOA’s Actions

Silly little reindeer games…games that result in people being homeless.

Summary Statement

Closing Thoughts

Hats off to the employees with the courage to step up and make sworn statements…

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