HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » Latest Breaking News (Forum) » Cheat Sheet: BofA Supplie...
Introducing Discussionist: A new forum by the creators of DU

Mon Dec 17, 2012, 04:10 PM

Cheat Sheet: BofA Supplied Default Answers for ‘Independent’ Foreclosure Claims Reviewers

Source: ProPublica

The Independent Foreclosure Review is the government's main effort to compensate homeowners for harm they suffered at the hands of banks — and, as its name indicates, it's supposed to be independent.

But until recently, that was hardly the case with Bank of America. Supposedly independent, third-party reviewers would sit at a computer, analyzing each homeowner's case by going through hundreds of questions, such as whether the bank had properly reviewed a homeowner for a modification or had charged bogus fees. But the reviewers weren't starting from a blank slate. Bank of America employees had already supplied the answers, which the reviewers would have to override if they did not agree.

No evidence has emerged that Bank of America pressured reviewers to accept its answers, and the bank did not supply answers for the final questions: whether the bank should pay compensation and, if so, how much. But those ultimate determinations depended on responses to the preceding questions, and for reviewers the path of least effort was to accept the bank's answers.

This practice only ended a month after ProPublica published a story showing that Bank of America was doing much of the work itself. When that story was published, ProPublica hadn't yet learned that the answers the bank supplied showed up on the reviewers' computer screens as defaults, and Bank of America strenuously denied that it had compromised the integrity of the review. Since November, the reviewers now begin their analysis without the bank's answers.

Read more: http://www.propublica.org/article/cheat-sheet-bofa-supplied-default-answers-for-independent-claims-reviewers

6 replies, 1711 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 6 replies Author Time Post
Reply Cheat Sheet: BofA Supplied Default Answers for ‘Independent’ Foreclosure Claims Reviewers (Original post)
Newsjock Dec 2012 OP
dixiegrrrrl Dec 2012 #1
AndyA Dec 2012 #2
slackmaster Dec 2012 #3
Jackpine Radical Dec 2012 #4
Overseas Dec 2012 #5
Waiting For Everyman Dec 2012 #6

Response to Newsjock (Original post)

Mon Dec 17, 2012, 04:21 PM

1. So if there was no problem with BOA giving the answers

there would have been no need for them to stop doing it once the publicity hit, eh?

No matter how many times the banksters are caught stealing and lying, they continue to do more of it.
Yet our government says, in the case of HSBC openly laundering drug money, the banks are too big to prosecute.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Newsjock (Original post)

Mon Dec 17, 2012, 04:36 PM

2. When are the parties responsible for this mess going to go to jail?

They crashed the economy, causing the loss of millions of jobs, millions of homeowners lost their homes because of the crap the banks pulled before the recession, and millions more later when they lost their jobs and could no longer pay their mortgages.

Starting at the top of the chain, there should be real investigations, arrests, prosecutions, and jail time, plus restitution to the millions of innocent people who were affected by the greed of the bank executives.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Newsjock (Original post)

Mon Dec 17, 2012, 04:37 PM

3. B of A is a criminal organization. I mean that literally, not hyperbolically.

 

Reply to this post

Back to top Alert abuse Link here Permalink


Response to slackmaster (Reply #3)

Mon Dec 17, 2012, 05:04 PM

4. Absolutely.

Not "too big to fail."
Not "too big to be prosecuted."

Too big to be tolerated.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Newsjock (Original post)

Tue Dec 18, 2012, 09:38 AM

5. K&R.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to Newsjock (Original post)

Tue Dec 18, 2012, 10:24 AM

6. K&R article has a link to file for an Independent Foreclosure Review.

Can be done online, must be filed by Dec. 31, 2012.

Thanks for this!

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread