Bank of America lies to homeowners in order to foreclose on them.

              Bank of America, one of the nations largest mortgage servicers, intentionally, knowingly and routinely falsifies paperwork and lies to homeowners in order to remove them from their homes. This is according to Banking Industry insiders and former employees. The latest in the growing list of Civil Suits against BOA has produced affadavits from 6 former employees alleging the bank actively and systematically decieved homeowners and sought foreclosures over modifications that would have kept people in their homes.

A seventh signed affidavit from an employee who worked for one of the bank’s contractors, reinforces the picture of a company wide culture of profits over people. Even a blatant defiance of facts. The banks handling of foreclosures and home loan modifications has drawn the ire of the Federal Government. The documents are part of a lawsuit over the bank’s handling of trial loan modifications under the Home Affordable Modification Program (HAMP), created by the Obama administration. The employees, who worked anywhere from loan origination to collections to reviewing internal loan databases, contend that BOA used a variety of internal policies to discourage loan modifications. The bank encouraged foreclosures, even when loan documents showed the bank’s reasons for foreclosing were untrue.

Blitzing was one method BOA used. Twice a month they instructed case managers to deny any HAMP application more than 60 days old, regardless of whether the information was complete or not. BOA gave $500 bonuses for filling forclosure quotas. An employee who placed 10 or more accounts into foreclosure in a given month got a $500 bonus. They also gave gift cards to Target and Bed, Bath and Beyond for rewards. BOA lied to clients about documentation. Bank policy was to sit on financial documents for 30 days, then label them stale, then require homeowners to reapply.

The sum of allegations is that the bank falsifies documents and knowingly forclosed on borrowers who were in full compliance with modification plans. HAMP, was the Democrats and President Obama’s biggest initiative to the foreclosure crisis. It should have helped 800,000 more people than it did. BOA has already spent $45 billion to settle claims tied to its takeover of Countrywide Financial Corp. Despite settlements like BOA’s, the government has prosecuted more protesters than it has banks, and abuses continue.

The manipulation of the program depicted in these affidavits is more evidence that direct principal reduction would be a more effective use of government housing funds than HAMP’s attempted partnership with banks. Senator Elizabeth Warren has been attacking banks about their shady practices. She has been met with terrific resistance by the Republican party. It seems that they support corporate greed.

Owning an old home, a real pain in the bottom.

               We were have toilet problems, it wouldnt stop running. So we shut off the water at the toilet, it kept running, obviously it was our shut off valve. I called my brother, I cant do it because of my back. So you would imagine this,would be an easy job. Joke was on me.

              The shut off valve wouldnt turn, even when holding the pipe with pliers. So he cut it off thinking it was a compression fitting, we were wrong again. It was a twist on fitting that wouldnt budge. There is not any compression fittings that were big enough for it. The guy at the hardware store said try to twist what was left of pipe to loosen it. Wrong again.

             The pipe loosened & fell in the floor. When he lifted the drop ceiling we found there was some sort of box built around the pipes going to the toilet. It wasnt sheetrock, it was plaster with slats behind it. So we had to break into the box to find the pipe, which of course was broken. Now he has to somehow reach into the box, cut the pipe, use PVC compression fittings. Then run a pipe up to the toilet & do what should have been easy. 30 minute job turned into a 4 hour job.

                 Love my house, hate the way it was built. Even the contractors we had in did both toilets different. It is beyond me & makes me hate anything to do with fixing something.

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