As suspected: "Whistleblower: Bank of America Blocked Aid to Homeowners"

[EFerrari]

From Amy's headlines today:

Whistleblower: Bank of America Blocked Aid to Homeowners

A private contractor is accusing Bank of America of deliberately blocking aid to struggling homeowners by preventing loan modifications while still receiving government assistance under the the federal Home Affordable Modification Program. The contractor, Gregory Mackler, says he witnessed the practice while working with Bank of America executives at Urban Lending Solutions, a company contracted by the bank to handle some of its loan modification business. According to Mackler, Bank of America officials regularly pretended to have lost homeowners’ documents, failed to credit payments during trial modifications and intentionally misled homeowners about their eligibility for government help. On Thursday, members of the group CodePink were arrested at a Bank of America branch in New York City while protesting the company’s foreclosure practices

http://www.democracynow.org/2012/3/9/headlines#8

The big national banks all did this, WaMu in our case. They got HAMP funds WHILE they were deliberately screwing us.

[2pooped2pop]

1. I wrote a post yesterday complaining of BOA

practices to screw us all over and mostly the replys were of the
"whatever they did was legal" "if you can't afford the loan, don't get one" and "that's normal business practices"

While I say it's fucking TREASON!
THEY took this country down. There would not be vacant homes contributing to the fall of home prices if not for them. Homeowners who could not stay in their homes could haave sold them at a profit if it were not for them. There would not have been people sitting in limbo as their balance adds up, waiting for foreclosure, if the banks had not ignored the rules. that we would be in jail for ignoring.
THEY NEED TO GO DOWN

[EFerrari]

2. Well, it wasn't normal or legal, it was a scam.

And they deliberately targeted minorities for their rotten subprime loans. In fact, a black buyer was more likely to get a sub prime loan than a lower income white buyer.

The whole thing is indefensible and Obama's HAMP program was just Chapter 2 of this heist.

[ProfessionalLeftist]

4. "whatever they did was legal"

Well, that's the problem. It shouldn't be. Thank deregulation for that.

[EFerrari]

7. It's still illegal for lenders to act in bad faith

and that's what the whole industry did and is STILL doing.

The DoJ could shut them ALL down TODAY if there was the least bit of interest.

[ProfessionalLeftist]

3. Chase - same.

Neighbor has an FHA mortgage eligible for that "streamline" refinancing to get lower rates. Chase told him that it would make no difference because mortgage insurance would eat up anything he'd save because the rates would go up.

[EFerrari]

8. WaMu lured my mom into foreclosure

and then danced on her head for two years, "losing" her paperwork, refusing to let her speak with the person handling the file and finally, asking for a balloon payment out of the blue. She's beating them so far but at 80, these mfers have probably shortened her life. She went into this looking for a lower interest rate after the crash, to avoid problems down the road. It's obscene.

I tried to explain this to Thom Hartmann almost three years ago. I think he thought I was a crank or something.

[LiberalEsto]

5. these banksters are criminals

and must be prosecuted

[countryjake]

6. K&R!

[EFerrari]

9. Reuters: Whistleblower says BofA defrauded HAMP

(Reuters) - Bank of America NA prevented homeowners from receiving mortgage-loan modifications under a federal program in order to avoid millions of dollars in losses while benefitting from financial incentives for participating in the program, according to a complaint unsealed in federal court Wednesday.

The suit is the second whistleblower complaint unsealed so far with apparent ties to the $1 billion False Claims Act settlement announced by Bank of America and the U.S. Attorney's Office for the Eastern District of New York on February 9.

The Bank of America settlement is also part of the sweeping $25 billion agreement reached between state and federal authorities.

Final settlement documents have yet to be filed in the BoA settlement, which the U.S. Attorney's Office said was the largest ever False Claims Act payout related to mortgage fraud.

http://www.reuters.com/article/2012/03/08/bank-of-america-whistleblower-idUSL2E8E804820120308