More conspiracy fact:
From the declaration under penalty of perjury of former BoA “senior collector” Simone Gordon we learn that it was the policy of Bank of America not just to tell borrowers that BoA hadn’t received borrowers’ modification documents when they had in fact received them, but also to put the accounts of those same borrowers into foreclosure status. And the employees that met certain foreclosure status quotas were rewarded with cash bonuses and gift cards to stores like Bed Bath and Beyond and Target.
This was BoA’s idea of fulfilling their obligations under the federal HAMP program–to purposely and repeatedly frustrate borrowers who filled out modification documents in good faith and then taking the houses of said borrowers without even looking at said modification documents? Bank of America was required to participate in the HAMP program, a program which was ostensibly supposed to prevent foreclosures, not reward bank employees for increasing foreclosures!
Here’s what Ms. Gordon had to say about purposely and repeatedly frustrating borrowers:
“Using the Bank of America computer systems I saw that hundreds of customers had made their required trial payments, sent the documents requested of them, but had not received permanent modifications. I also saw records showing that Bank of America employees had told people that documents had not been received when, in fact, the computer system showed that Bank of America had received the documents. This was consistent with the instructions my colleagues and I were given. We were told to lie to customers and claim that Bank of America had not received documents it had requested, and had not received trial payments (when in fact it had).”
They were told to lie. And if they didn’t lie, they not only didn’t get the coveted gift cards, they got fired:
“Team Leaders walked the call room floor throughout the day wearing headsets that they would use to plug in and listen into a call without warning. Employees who were caught not carrying out the delay strategies that Bank of America instructed were subject to discipline including termination.”
What a fascinating and frightening look into Bank of America’s workplace culture: random checks to make sure the truth was not being told and consequently that borrowers would lose their homes–even though they were in fact doing everything they were supposed to do, all as the result of Bank of America’s required participation in a program mandated by federal law.
Why in the hell isn’t Brian Moynihan in prison already? Why hasn’t Bank of America been shut down? They’re breaking the law–but not just breaking it, more like completely undermining it while giving the appearance that they’re upholding it. It begs the question: what else are they lying about?
More to come on this…