Bank of America Lied to Distressed Homeowners, Gave Gift Cards and Bonuses to Best Foreclosers, Former Employees Say

Bank of America Stealing Homes

“Employees who placed 10 or more accounts into foreclosure in a month could get gift cards to Target and Bed, Bath and Beyond or $500 bonuses”

“We were regularly drilled that it was our job to maximize fees for the bank by extending HAMP modifications by any means we could, including lying to customers” 


Bank of America lied to distressed homeowners, former employees say

Bank of America systematically worked to deny thousands of loan modifications with specific delay tactics that included lying to homeowners and repeatedly requesting documents employees knew were already in the system, according to statements added last week to a multi-district lawsuit filed in federal court.

The suit, which is seeking class-action status and includes a Boynton Beach homeowner, claims the lender purposefully hindered modifications requested by borrowers through the federal Home Affordable Modification Program.

According to former employees of the Charlotte, North Carolina-based bank, loan modification agents handled up to 400 cases at a time and eligible borrowers were pushed into foreclosure during periodic “blitzes” where any file with documents 50 days old or older was automatically denied.

“This included files in which the homeowner had provided all required financial documents and fully complied with terms of the trial period,” said William E. Wilson, a former Bank of America underwriter who worked for the company between June 2010 and August 2012. “The delay and rejection programs within Bank of America were methodically carried out.”

Rest here…

Copy of lawsuit to come…


11 Responses to “Bank of America Lied to Distressed Homeowners, Gave Gift Cards and Bonuses to Best Foreclosers, Former Employees Say”
  1. TheHutMaster says:

    Ok, I have to laugh when these “Spokes People” for these criminal banks spew their spun LIES.
    “Rick Simon (AKA “Ricky, et al ), a Bank of America Home Loans spokesman, said the bank had successfully completed more modifications than any other servicer under HAMP.”

    Two, of the many, things that struck me as beyond laughable are…

    1). “Bank of America issued a statement Thursday saying the statements are “rife with factual inaccuracies” that will be addressed in opposition documents filed next month.”

    First off “Ricky”, these were sworn affidavits meaning SWORN Testimony. I believe “Ricky’s” Spin Dribble is what is “rife with factual inaccuracies”.

    2). “We continue to demonstrate our commitment to assisting customers who are at risk of foreclosure and, at best, these attorneys are painting a false picture of the bank’s practices and the dedication of our employees,” the statement said.

    All I can say on this one is BS, Nothing but the same spin dribble of Bank of America LIES!

  2. John M. says:

    After thousands of complaints the Feds. should have found out the truth and put the fraudsters in prison. No, Instead the Feds gave them many billions of dollars to bail them out. Now the big honchos are getting multi million dollar bonuses and laughing at the Feds.

  3. J Alonzo says:

    Yet dick scott just signed a law that he thinks will help the banks. many lawyers even the ones that work for the banks say this law will only confuse things. Because it retroactive. Its going to be a hale marry shit storm from both sides when both plaintiff and defendants try to use
    the law to their favor. Its a huge mess. In the end the banks will win with this, but in the long run.
    For a year or two its only going clog things up more.

  4. J Alonzo says:

    Are we in any surprised? Come on folks. We have had many other employees in the past testify to the direct fraud that was done by the banks. They admitted to robo signing and lying on their documents to our courts. YET NOTHING WAS DONE TO THEM. ONLY THE SHEEPLE GET PROSECUTED. DEMOCRATS, REPUBLICANS. SAME THING!!

  5. Mark says:

    Yes, it’s ALL of them. Fax machine hotlines for documents directed into a shredder. There was a long list of tactics to force you into foreclosure and thousands in fees from all their cronies.

  6. Sarah says:

    The article describes BOA, rest assured it is all of them. They would prefer this all go away, but our Government is continuing to help and reward banks and will take millions of more homes.

  7. leapfrog says:

    This is D I S G U S T I N G. How much more fraud are these people going to be allowed to get away with? Shut them down. Arrest the C-Suite. Break this Too Big To Fail up and put their officers in JAIL where these sociopathic criminals belong.

  8. Sue Em says:

    We were in a trial modification for over a year. We send the same documents over and over again. We used BoA pre-paid fed ex envelopes. We went to a local branch and faxed them from there – it didn’t matter: in information got lost every single time. It makes me wonder who paid Fed Ex? The taxpayer???



    • charley rice says:

      I guess that by BOA/BAC of always being NON RESPONSIVE to homeowners meant that they were always GUILTY. As as matter of FACT the were found GUILTY of Foreclosure Fraud back on December 23, 2010.

      Also BANK OF AMERICA/BAC and their subsidiary RECONTRUST COMPANY just again violated the Consent Judgment and Order case no. CV04193-JFW-SS the JUNE 15, 2010 (CONSENT JUDGMENT AND ORDER) of the UNITED STATES DISTRICT COURT CENTRAL DISTRICT OF CALIFORNIA FEDERAL TRADE COMMISSION Plaintiff v COUNTRYWIDE HOME LOANS, INC., a corporation, and BAC HOME LOANS SERVICING LP, a limited partnership, Defendants

      Which on page 10 of the Consent Judgment and Order section VI states that BAC/BOA/RECONTRUST COMPANY and LANDSAFE DEFAULT,

      IT IS FURTHER ORDERED that, for eight (8) years after the date of entry of this Order, Defendants, their officers, employees, agents, representatives, and all other Persons or entities in active concert or participation with them who receive actual notice of this Order by personal service or otherwise, directly or though any corporation, subsidiary, division, or other device, are hereby permanently restrained and enjoined, in connection with the Servicing of any Loan, from (1) initiating a foreclosure action, or assessing Fees in connection with an actual or threatened foreclosure action, until the Defendants have reviewed Competent and Reliable Evidence that substantiates that the consumer is in default under the Loan Instruments; and (2) consummating a foreclosure sale until Defendants have investigated any non-frivolous disputes by the consumer and informed the consumer of the results of the investigation.

      In Addition the OCC April 13, 2011 Consent Order.

      How much more EVIDENCE of this Lying and Deception of Stealing Secured Assets from this Double dipping Bank which was bailed out by the 2008 Tarp DO THE PEOPLE need?

      IT’s Time to Sanction this BANK and disbar their Lawyers.


      • Maria says:

        Chase has been doing this to us as well. They forced mediation on us, made us pay the mortgage in full for 3 months then voided the agreement. This is our third law firm and they are still doing it. I don’t know what else to do but keep stalling! No one will help!

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