Before I begin, let me make the predictable response from Mari: "see no evil, hear no evil, speak no evil".
So with that in mind, I give you a link only.
The catharsis enjoyed would be both heavenly as well as felt nation wide!
nd reward foreclosures?”
Say it isn’t so, Willy. But first, let me help you understand this story. Let’s look at exactly who is being “fleeced.” Remember that young couple that bought that beautiful house in McLean that you could never afford Willy? You know, the one with the swimming pool, sauna, stone fence, and wine cellar?
Well, turns out the young couple could not afford it either. But they lied about their income to Countrywide and got an $800,0000 jumbo mortgage. About a year later they stopped making their monthly mortgage payments but continued to live in the beautiful house for free.
Now normally we would evict these people, foreclose on the property, and sell it to someone could afford it. But wait. President Obama says “let’s use taxpayer money to help these people.” So Congress enacts the HAMP program. Here’s how it works. If the bank will agree to reduce the mortgage loan usually by cutting the interest rate, Uncle Sam will pick up some of the loss. Uncle Sam will also pay incentive money to the bank to determining if the loan qualifies for the program.
Ironic, isn’t it? While you sit in your one bed room condo in a grumpy mood bc the toilet is stopped up, the President wants to use your tax money to help this young couple continue living in luxury.
By now, God Bless of America holds the mortgage note. They contact the young couple and advise them of the Hamp program. Well, in order to qualify for the loan reduction, the young couple has to make some trial payments and submit documents showing income sufficient to pay a reduced loan.
So the young couple makes the first payment but then fails to make the second payment, or they fail to provide the required documentation in a timely manner. BOA tells them –“sorry, you don’t qualify for a loan reduction” and starts the foreclosure process. Some 40% of Hamp deadbeats default this way.
So while your article puts “fleecing borrowers” in the headline, the article fails to acknowledge that this was money –the trial payment – that THE YOUNG COUPLE OWED BOA ANYWAY. These aren’t sheep Willy, they are wolves – and you are paying for them.
What about the other headline “rewarding foreclosures?” Well, when the BOA employees do their job properly and determine the couple is not eligible for Hamp, then evicting the couple and starting the foreclosure process ASAP is critical bc the couple is not mowing the grass, painting the house, or otherwise keeping up the property. So yeah. BOA awards the employees who do this promptly with a little bonus.
Where’s the crime, Willy? Where’s the fraud? And I hope you get your toilet fixed
...which Bank of America were all too happy to harass and fuck with for the benefit of the "little guy", and as it turns out, their bottom line too.
It seems that some of these "wolves" as you put it, when Bank of America demanded that they send in financial paperwork on short notice, would sit on these documents and not bother to review them. They would then say those documents were too old to quality for mortgage modification, and then offer them a new loan at a higher interest rate. It's a damn good thing they only limited this to "wolves", right Mari?
http://media.salon.com/2013/06/210-1.pdf
don't fuck with any of them. People that are living outside their means show a selfishness and emptiness they can't fill. And the wolves that go after them are selfish and greedy too. Don't play the game. I saw those big homes going up in big subdivisions. And I wondered then, how in the hell are they paying for all that! And 2 new cars too!
I was a smart escort with my money, and worked a part-time tax paying job the whole time. But I have seen some dumb shit, where girls make plenty of money and are swimming in high interest debt. No! they haven't been exploited. Signed on. For immediate gratifications of filling a hole with consumerism.
This class action is going nowhere. The class will never be certified and the named plaintiffs have no damages since they owed the money anyway.
And if there is a rogue BOA manager so stupid as to tell employees to lie to the Treasury Department to get BOA those incentive payments, that guy will soon be in a heap of trouble. Talk to Lance Armstrong about the False Claims Act. But the sheer stupidity of risking that kind of liability certainly undermines the fired employees’ statements that “we were told to lie.”
But can we at least agree on this, Willy?
You believe the 2008 crash was caused by the “endless crimes of the big banks." But you can’t produce evidence of a single crime that caused the crash.
I happen to think that the 2008 crash was caused by the lax regulation of unicorns. But I have the same problem you do- I can’t get a single unicorn to admit that he caused the crash.
So, as far as the evidence goes, wouldn’t you agree that the likelihood that crimes of the big banks caused the 2008 crash is about equal to the likelihood that it was caused by unicorns
If any wrong doing happened at all it was all because of unicorns and rogue managers. There certainly was no collective effort on part of Bank of America to delay, delay, delay on adjusting home mortgages because it would allow Bank of America to keep raking in fees, fees, fees. Certainly Bank of America employees weren't told to do whatever possible to delay adjusting these mortgages in order to maximize the fees the bank can collect, even employees being told to lie to their customers if necessary. And certainly, Bank of America never told employees to hold mortgage adjustment applications for 30 days, which would make the applications "stale" and force the home owners to re-apply.
And surely if such a thing happened, it was just the result of a single lowly "rogue" manager, despite that employee meetings, attended by 70 employees were told they must reach foreclosure quotas, and were given $500 bonuses for foreclosing on 10 or more homes in the month, and given gift cards to various retail stores for doing so, even when the customer being foreclosed on had qualified for a mortgage adjustment.
Surely, such an honest and trustworthy company like Bank of America would never dream of doing such things. Why? Because of unicorns.
To their customers. After all, what benefit would a broker get by funneling a customer into a high interest here high commission loan that they wouldn't be able to afford six months later? Certainly the fact that these brokers would have to service these loans for their customers in the future, right? So they could be held accountable for the lies they told in order to sell a loan and make a commission? Oh wait, that's right. Once a loan is closed, it's no longer the brokers responsibility, and they don't have to answer to anybody. They collect their fees, and they don't give a shit about what happens to the homeowner or the loan in the future. Fucking weasels.