Bank of America Stealing Homes

Bank of America Foreclosure Reviews: Why the Cover-Up Happened (Part IIIB)

This post is the second half of Part III in our Bank of America foreclosure review whistleblower series. Part III focuses on how the confusion and high cost of the foreclosure reviews weren’t simply the result of overly ambitious targets and poor design, oversight, and implementation of the reviews. These reviews never could have been done properly due to significant gaps and inaccuracies in the borrower records at Bank of America. That meant the only possible course of action was a cover-up.

Here we’ll discuss:

“Garbage in-garbage out” problem of unintegrated, unreliable records

“Fire, aim, ready” approach to launching the tests

“Garbage in-garbage out” problem of unintegrated, unreliable records

The foreclosure review revealed one of the root problems of the foreclosure crisis: unreliable, difficult to use, and in too many cases incomplete records.

Let’s start by understanding the difficulty of the task even if everything had been in good order. We’ve taken this snapshot from the Excel training model for the E and F tests, which were on fees (see here to access the full model on ScribD or scroll down to the embedded version later in this post). This shows the top part of the computer screen reviewers would use to perform their work.

Read more at http://www.nakedcapitalism.com/2013/01/bank-of-america-foreclosure-reviews-why-the-cover-up-happened-part-iiib.html#YADvTCEDderwLXoX.99

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