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Bank of America Gave Bonuses to Lie, Foreclose on Homeowners & Falsify Govt Reports o
06-14-2013, 11:21 PM
Post: #1
Bank of America Gave Bonuses to Lie, Foreclose on Homeowners & Falsify Govt Reports o
Bank of America Gave Bonuses to Lie, Foreclose on Homeowners & Falsify Govt Reports on HAMP.

6/14/2013 - In a Federal lawsuits, six former BofA reps allege they were given bonuses based on how many homes they could foreclose on and told to deliberately deny qualities home owners HAMP modifications, so they could foreclose.

The bank rewarded representatives who foreclosed on homes with cash bonuses and gift cards to stores like Target. Representative were disciplined or fired if they did not place 10 or more homes in foreclosure a month.

The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.

The court documents service representatives were told to lie to homeowners, telling them their paperwork and payments had not been received, when in reality they had.

"This is exactly what's been happening to homeowners for years," said Danielle Kelley, a foreclosure defense lawyer in Florida. "No matter how many times they send in their paperwork, or how often they make their payments, they simply can't get loan modifications. They wind up in foreclosure instead."

The former employees said they were told to falsify electronic records and string homeowners along in foreclosure as long as possible. A case management team manager, said he told his supervisors the practices were "ridiculous" and "immoral." He said he was fired in August 2012.

Bank of America and four other banks reached a $25 billion landmark settlement with regulators in 2012, following a scandal in late 2010 when it was revealed employees "robo signed" documents without verifying them as is required by law. But problems have persisted. Since 2012, more than 18,000 homeowners have filed complaints about Bank of America with the Consumer Financial Protection Bureau, a new agency created to help protect consumers. Recently, the attorney generals of New York and Florida accused Bank of America of violating the terms of last year's settlement.
http://in.reuters.com/article/2013/06/14...KT20130614

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06-16-2013, 03:43 AM
Post: #2
RE: Bank of America Gave Bonuses to Lie, Foreclose on Homeowners & Falsify Govt Reports o
Here are 4 of the BOA employee affidavits - Amazing fraud - If this doesn't justify criminal action nothing will !

False HAMP reporting, double counting of HAMP modifications, and employees who raised issues were fired!

http://www.scribd.com/doc/148022242/In-R...y-2013-7-J

http://www.scribd.com/doc/147912215/IN-R...TERRELONGE

http://www.scribd.com/doc/147915348/IN-R...EN-CUPPLES

http://www.scribd.com/doc/147909713/IN-R...M-E-WILSON

The case is extensive going back to 2010 with attempt to make it a class action for all that were denied HAMP modifications. BofA got some causes of actions dismissed and some continue. These new sworn statements were filed June 7, 2013 it appears as part of the Memorandum in Support of Motion to Certify Class. There are 212 docuemnts filed with the Court

On 6/7/2013 Plantiffs (homeowners) also filed a motion to file additional documents under SEAL (Declaration of Steve Berman) because it has despondents that includes Confidential Information. I assume this is even more detailed damaging evidence as to BofA fraud both on consumers and the Federal HAMP reporting.

I believe the latest complaint is the third amended consolidated class action complaint originally file 11/4/2011. It demands a jury trial is 134 pages and is a consolidation of about 28 separate actions in various states and wants to include ALL homeowners denied HAMP by BofA.

It lists many reasons BofA wants to avoid doing HAMP modifications by violating their Servicer Participation Agreement (“SPA”) with the U.S. Treasury on April 17, 2009 (attached as Exhibit 1)

A few of the reasons:
BOA may have to repurchase loans from investors to modity at substantial cost and loss of revenue that can be avoided by keeping the loan in a state of temporary modification or lingering default.

Goes into detail on all the servicing fees lost if modify in accordance with HAMP.

Lists the acts of BOA that violated the HAMP agreements etc etc in detail and damages to each plantiff.

Federal Court has jurisdiction because more than 100 members of the class (There are many different classes included for various situations) and the putative action is for in excess of $5 million.

The Counts include
Breach Of Contract / Breach Of Duty Of Good Faith And Fair Dealing Arising Out Of BOA’s Performance Of The Servicer Participation Agreement

Breach of Contract and Breach of Covenant of Good Faith and Fair Dealing for Violations of Law arising from TPP Agreements

Breach of Contract (for those that had a trial payment agreement)

Promissory Estoppel, in the alternative in the subclasses

By Statewide Classes In Massachusetts, Washington, California, Arizona, Pennsylvania, New Jersey, Oregon, Florida, New York, Illinois, Connecticut, Missouri, Maryland, Wisconsin, Kentucky, Rhode Island, Michigan, Colorado, Alaska, Nevada, and North Carolina. Violation Of State Consumer Protection And Unfair And Deceptive Acts And Practices Laws

Dave notes this was the basis for the Arizona AG 1st and 2nd lawsuit for in Arizona it is called "consumer fraud"

By TPP Classes for Alabama, Connecticut, Massachusetts and New York - Breach of Covenant of Good Faith and Fair Dealing

By the National ECOA Class and the Virginia and Maryland ECOA Classes - Violation of the Equal Credit Opportunity Act

The co-lead attorneys are Roddy Klein and Ryan in Boston and Hagens Berman Sobol Shapiro in Seattle.

The Seattle attorneys previously settled Whistleblower lawsuits for plantiffs against BoA/Countrywide including one credited with $6 million settlement BoA paid to U.S. Treasury due to fraud exposed by Gregory Mackler (whisleblowers get rewarded as I understanding with a % of the result due to their ...blowing the whisle... on the fraud.

UPDATE ON CASE:
7/6/2011 - A Federal judge granted and denied some of BOA's motion to dismiss - some counts were dismissed others were not.

The case is: 1:10-md-02193-RWZ in U.S. District Court in Mass.
MASSACHUSETTS DISTRICT COURT (MAD)
DOCKET NUMBER: 1:10-MD-02193
PACER CASE NUMBER: 131942

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