Only 3 years ago, the mortgage problem morphed into a scandal.
Then came Obama's second term: Fast & Furious, Benghazi, the IRS, ....and the mortgage thing fell off the radar screen.
Attached is an affidavit of a senior loan collector for BOA that was
filed in United States District Court for the District of Massachusetts
under case number MDL 2193.
Simone Gordan stated the following under oath:
"Using the Bank of America computer systems I saw
that hundreds of customers had made their required trial payments, sent
the documents requested of them, but had not received permanent
modifications. I also saw records showing that Bank of America employees
have told people that documents had not been received when, in fact,
the computer system showed that Bank of America had received the
documents. This was consistent with the instructions my colleagues and I
were given. We were told to lie to customers and claim that Bank of
America had not received documents it had requested, and that it had not
received trial payments (when in fact it had). We were told that
admitting that the bank received documents would "open a can of worms"
since the bank was required to underwrite a loan modification within 30
days of receiving those documents and it did not have sufficient
underwriting staff to complete the underwriting in that time.... Site
leaders regularly told us that the more we delayed the HAMP modification
process, the more fees Bank of America would collect. We were regularly
drilled that it was our job to maximize fees for the bank by fostering
and extending the lay of the ... modification process by any means we
could --- this included lying to customers. For example, we were
instructed by our supervisors at Bank of America to delay modifications
by telling homeowners who called in at their documents were "under
review," when, in fact, there had been no review or any other work done
on the file."
" Employees who were caught admitting that Bank of
America had received financial documents or that the borrower was
actually entitled to a permanent loan modification where discipline and
often terminated without warning."
BofA is Too Big to Fail (but really, a zombie). It shouldn't fail. It should be shot to death.
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