News
Coalition to Govern America header with logo
Wednesday, November 20th, 2019

We have 98 guests and no members online

Bank of America former employees: 'We were told to lie'

CNBC
June 17, 2013
 
Bank of America routinely denied qualified borrowers a chance to modify their loans to more affordable terms and paid cash bonuses to bank staffers for pushing homeowners into foreclosure, according to affidavits filed last week in a Massachusetts lawsuit.

"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."

In sworn testimony, six former employees describe what they saw behind the scenes of an often opaque process that has frustrated homeowners, their attorneys and housing counselors.
 
They describe systematic 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.
 

You must be logged in to post comments.

Govern America Radio

"Truth for the Restoration of Our Nation"
 

CURRENTLY ON AIR:
Loading

Listen to Govern America
Saturdays at 11AM-2PM Eastern

LISTEN LIVE

ARCHIVES & PODCAST

Govern America playlist of latest episodes

Popular from this Category