Bank of America Foreclosure Reviews: Whistleblowers Reveal Extensive Borrower Harm and Orchestrated Coverup (Part II)

Bank of America Stealing Homes

Bank of America Foreclosure Reviews: Whistleblowers Reveal Extensive Borrower Harm and Orchestrated Coverup (Part II)

In the executive summary to this series, we provided an overview of OCC/Federal Reserve foreclosure reviews which were abruptly settled at the beginning of January. Critics anticipated that the flawed design, of having supposedly “independent” review firms hired by the banks themselves, meant the reviews were highly unlikely to find much if any damage to homeowners. Leaks during the course of the reviews confirmed these concerns, revealing that the review process at many of the major servicers was chaotic and the reviews were designed and scored so as to make a finding of harm virtually impossible.

As bad as that sounds, the reality is even worse. We obtained extensive review documentation from whistleblowers at Bank of America and debriefed them at length. They provided compelling evidence that the foreclosure reviews were plagued by persistent, widespread efforts by Bank of America to avoid any finding of borrower harm. These efforts were supported and enabled by its “independent” review firm, Promontory Financial Group.

The whistleblowers, all of whom told their role would be to act as investigators and help borrower get compensation they deserved, described the review process as seriously flawed. Yet even with those obstacles, they saw abundant evidence of serious damage to borrowers. The whistleblowers reviewed 1600 borrower files in a “live” environment, and saw hundreds more in the attenuated start-up period. Reviewer estimates of harm varied widely primarily because they worked on different tests and thus focused on different documents and issues (see Appendix II to the Executive Summary for a description of tests). Whistleblowers were asked to estimate the percentage of harm and serious harm in the files they reviewed. The lowest estimate of harm was 30% and the highest estimate of serious harm was 80% of files reviewed.

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4 Responses to “Bank of America Foreclosure Reviews: Whistleblowers Reveal Extensive Borrower Harm and Orchestrated Coverup (Part II)”
  1. cwoods says:

    BOFA, COMMITTED FRAUD #2…CONSUMERS, I HOPE THAT YOU ARE READING THIS INFORMATION..BOFA HAD THE INDEPENDENT REVIEW DOCUMENTS THAT WERE MAILED IN CODED IN A PONZI SCHEME, SO THAT WHEN THE REVIEW TEAM FOUND ERRORS, FRAUD, THAT REQUIRED INTERPRETATIONS, THE REVIEW BOARD WAS THREATENED IF IT WAS REPORTED… FRAUD #3. BOFA RENTED THE BLDG. IN TAMPA FL. WHICH WAS A FORMER COUNTRYWIDE BANK BLDG. AND HIRED MEMBERS ON THE REVIEW TEAM THAT WORKED FOR BOFA, AND THERE IS NOTHING INDPENDENT ABOUT THIS REVIEW BOARD NOT WHEN MEMBER’S ON THE REVIEW BOARD WORKS FOR THE BANKS, THAT IS DAMN CONFLICT OF INTEREST SLAPPED IN YOUR FACE. THE GREEDY EXECS. MUST THINK THE AMERICAN PEOPLE ARE STUPID..FRAUD #4: HOW ABOUT THIS, HIRING MEMBERS OF THE OCC TO WORK ON THE INDEPENDENT REVIEW TEAM WHEN THE OCC IS SUPPOSE TO MONITOR/INFORCE/REGULATE THE BANKS, SO, WHERE IN THE HELL IS THE INDEPENDENCE…IT IS NO WONDER BOFA TRIED TO DISCOURAGE THE LEGAL COUNSEL WORKING ON MY BEHALF..BOFA LAWYERS REQUESTED FROM MY COUNSEL A COPY OF THE REVIEW PAPERS, SO THEY COULD GO AHEAD AND CODE IT…NASTY, LYING DOGS, I HOPE THE MONEY THEY HAVE STOLEN FROM CONSUMERS ACROSS THIS COUNTRY MAKE THEIR LIVES JUST AS MISERABLE AS THEY HAVE MADE THE CONSUMERS…THEIR A**’S SHOULD BE PROSECUTED….

  2. cwoods says:

    I am so glad the their are still HONEST people in this country..BofA corp. executives are nothing but a bunch of DIRTY, LYING, THEIVES, AND THEY NEED TO BE PROSECUTED. I KNEW THE REVIEW WAS SETUP BY PROMONTORY TO BENEFIT THE LYING B****&*’S..THEY HAVE DONE NOTHING BUT STOLE FROM THE WORKING PEOPLE AND CAUSE SO MUCH HARM TO SO MANY WORKING FAMILIES THROUGHOUT THIS COUNTRY..THIS IS NO DIFFERENT THAN THE ROBO-SIGNING THAT HAS BEEN GOING ON WITH BOFA IN PARTICULAR…PROMONTORY FINANCIAL IS IN THE POCKETS OF BOFA. WHAT THAT COMPANY (PROMONTORY FINAN.) DID WAS SUBMIT 2000 QUESTIONS TO THE INDEPENDENT REVIEW BOARD AND IN WHICH THE QUESTIONS WAS BIASED IN NATURE AGAINST THE HOMEOWNER’S BUT BENEFITTED BOFA. (FRAUD #1)..BOFA TOLD MEMBERS OF THE INDEPENDENT REVIEW TEAM TO PLACE THEIR HANDS OVER THEIR EYES AND PRETEND THEY DID NOT SEE THE ERRORS/FRAUD BEING COMMITTED BECAUSE IF THEY DID, IT WOULD COST THEM THEIR (TEAM MEMBERS)JOBS

  3. LDean says:

    Bank of America stealing homes is right!!! They are still trying to steal mine. I will fight until the truth comes out. CWABS 2007-2 Securitized, REMIC, Bank of New York Mellon Trustee for Investors. MERS is Nominee and Beneficiary for the Lender America’s Wholesale Lender.
    Never dealt with America’s Wholesale Lender, ever ever. Deed of Trust reads that America’s Wholesale Lender under the laws of New York. The address to America’s Wholesale Lender is in Calabasas, CA. What?????? Trustee CTC Real Estate, SIMI Valley, CA. This goes so much deeper than anyone realizes. Let me direct you to hcad.org. This is the Harris County TX Appraisal District. Please, I beg you to try this with your appraisal district. Try it with mine first so you can see what I am talking about. http://www.hcad.org. Search under Owner Name and type Bank of New York. Now remember, Bank of New York has written to me and keep this in mind please. I want a investigation broken on this so bad. The reason there is no story being broken on this is because Bank of America and other Banksters are hiding behind a Trustee. To take this further, what you need to do is look at the address under Bank of New York (Trustee) and what you will find is these addresses for the property taxes are under Owner Bank of New York (Trustee) but, all of the property tax information is actually being mailed to Bank of America, Simi Valley, CA,
    Bank of America, Calabasas, CA, 1100 VIRGINIA DR.,FORT WASHINGTON PA 19034-3204, which is GMAC, 1661 WORTHINGTON RD STE 100 WEST PALM BEACH FL 33409-6493, which is HSBC or Ocwen. I hope you get the picture here. So what Bank of New York Mellon is saying is true, the Trustee has no say in how the servicer disposes of the property. After you look at several of these then go into texasfile.com which is our land and county records and type in CWABS 2007-1 OMG. Look at the fraud. It is terrifying. It is horrible. So if any of you who get on this website want to find outright fraud, here is where you are going to find it.

    Thanks for helping me break something that I don’t think anybody is looking at. Your land and county and tax accessor offices. The fraud is rampant.

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