Bank of america employee told to lie

[OnePercenter]

Yes folks, we do need less regulation.

"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 have 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 that it had not received trial payments (when in fact it had). We were told that admitting that the bank received documents would "open a can of worms" since the bank was required to underwrite a loan modification within 30 days of receiving those documents and it did not have sufficient underwriting staff to complete the underwriting in that time.... Site leaders regularly told us that the more we delayed the HAMP modification process, the more fees Bank of America would collect. We were regularly drilled that it was our job to maximize fees for the bank by fostering and extending the lay of the ... modification process by any means we could --- this included lying to customers. For example, we were instructed by our supervisors at Bank of America to delay modifications by telling homeowners who called in at their documents were "under review," when, in fact, there had been no review or any other work done on the file."

" Employees who were caught admitting that Bank of America had received financial documents or that the borrower was actually entitled to a permanent loan modification where discipline and often terminated without warning."

Bank of America did not merely lie to its customers. Bank of America makes a practice of lying to its own staff. While the use of a "nonperforming" loan are higher than the fees paid on a "performing" loan, the real reason for this outrageous behavior is that the banks are attempting to protect and maintain their receipt of outrageous sums of money that they have declared to be proprietary trading profits. The banks are mere intermediaries. They are not and never were principals or real parties in interest in any transaction between the homeowner and the investors who put up the money.

BANK OF AMERICA'S SENIOR LOAN COLLECTOR ADMITS TO LYING BECAUSE HE WAS TOLD TO LIE | IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION | Barry Fagan - JDSupra

FYI: Wells Fargo practiced this same exact scam!

 

[Politico]

I was told is not proof. Documentation is.

 

[Mad Scientist]

That's cute that you think the Banks can be regulated. Who do you think runs the SEC? FDIC? Federal Reserve?

Bankers, that's who.

Bankers have owned this country since Nixon took us off the Gold Standard and probably since 1913 when the Privately Owned and NOT Government Controlled Federal Reserve came into being.

The only way out is to stop using their currency (The Dollar) but Americans love Debt Slavery more than Freedom and Independence.

Yes, it's THEIR currency, NOT yours.

 

[OnePercenter]

I was told is not proof. Documentation is.

Keep thinking that......

 

[SteadyMercury]

I was told is not proof. Documentation is.

Keep thinking that......

I'm not sure what your position is here.

Are you seriously arguing that "I was told" constitutes proof, and people who think otherwise are naive?

 

[boedicca]

Quit bailing out banks for making bad loans in the first place, and this nonsense will stop.

 

[Politico]

I was told is not proof. Documentation is.

Keep thinking that......

I'm not sure what your position is here.

Are you seriously arguing that "I was told" constitutes proof, and people who think otherwise are naive?

That's how it works on the internets.

[ame=http://www.youtube.com/watch?v=rmx4twCK3_I]State Farm® - State of Disbelief (French Model) - YouTube[/ame]

 

[Two Thumbs]

Yes folks, we do need less regulation.

"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 have 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 that it had not received trial payments (when in fact it had). We were told that admitting that the bank received documents would "open a can of worms" since the bank was required to underwrite a loan modification within 30 days of receiving those documents and it did not have sufficient underwriting staff to complete the underwriting in that time.... Site leaders regularly told us that the more we delayed the HAMP modification process, the more fees Bank of America would collect. We were regularly drilled that it was our job to maximize fees for the bank by fostering and extending the lay of the ... modification process by any means we could --- this included lying to customers. For example, we were instructed by our supervisors at Bank of America to delay modifications by telling homeowners who called in at their documents were "under review," when, in fact, there had been no review or any other work done on the file."

" Employees who were caught admitting that Bank of America had received financial documents or that the borrower was actually entitled to a permanent loan modification where discipline and often terminated without warning."

Bank of America did not merely lie to its customers. Bank of America makes a practice of lying to its own staff. While the use of a "nonperforming" loan are higher than the fees paid on a "performing" loan, the real reason for this outrageous behavior is that the banks are attempting to protect and maintain their receipt of outrageous sums of money that they have declared to be proprietary trading profits. The banks are mere intermediaries. They are not and never were principals or real parties in interest in any transaction between the homeowner and the investors who put up the money.

BANK OF AMERICA'S SENIOR LOAN COLLECTOR ADMITS TO LYING BECAUSE HE WAS TOLD TO LIE | IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION | Barry Fagan - JDSupra

FYI: Wells Fargo practiced this same exact scam!

What does that have to do with more or less regs?

That's fraud, and it's covered by laws already.

 

[The Rabbi]

Quit bailing out banks for making bad loans in the first place, and this nonsense will stop.

The market is the best regulator of behavior. It's everywhere. And its penalties are brutal, just as its rewards are phenomenal.
But the Left doesn't get it Because the market cannot be bribed. It cannot be bent to special interests. It cannot accomodate rent seekers or politicians seeking re-election. So they have no control over it. And they hate it for that reason.

 

[OnePercenter]

I was told is not proof. Documentation is.

Keep thinking that......

I'm not sure what your position is here.

Are you seriously arguing that "I was told" constitutes proof, and people who think otherwise are naive?

I was told is sworn testimony. The effects cover millions of Google hits.

 

[OnePercenter]

Quit bailing out banks for making bad loans in the first place, and this nonsense will stop.

Quit deregulating banks, allowing bad mergers, and enforce existing laws. All Republican flaws btw.

Phil Gramm (R) The head scumbag.

 

[OnePercenter]

Quit bailing out banks for making bad loans in the first place, and this nonsense will stop.

The market is the best regulator of behavior. It's everywhere. And its penalties are brutal, just as its rewards are phenomenal.
But the Left doesn't get it Because the market cannot be bribed. It cannot be bent to special interests. It cannot accomodate rent seekers or politicians seeking re-election. So they have no control over it. And they hate it for that reason.

What world do you live? The market can't be manipulated?

Unemployment is high because corporate America is manipulating the HELL out of the market.

 

[Dont Taz Me Bro]

Quit bailing out banks for making bad loans in the first place, and this nonsense will stop.

Quit deregulating banks, allowing bad mergers, and enforce existing laws. All Republican flaws btw.

Phil Gramm (R) The head scumbag.

And signed by Bill Clinton?

 

[The Rabbi]

Quit bailing out banks for making bad loans in the first place, and this nonsense will stop.

The market is the best regulator of behavior. It's everywhere. And its penalties are brutal, just as its rewards are phenomenal.
But the Left doesn't get it Because the market cannot be bribed. It cannot be bent to special interests. It cannot accomodate rent seekers or politicians seeking re-election. So they have no control over it. And they hate it for that reason.

What world do you live? The market can't be manipulated?

Unemployment is high because corporate America is manipulating the HELL out of the market.

Corporate America (whoever that is) is manipulating the market? The stock market? The bond market? The market for goods and services? And as a result of their making more money, which typically means they need more employees, unemployment is high?
Where do they teach this stuff??

 

[editec]

The game is fixed boys.

If you haven't figured that out by now, you're not paying much attention.

 

[NoTeaPartyPleez]

The market is the best regulator of behavior. It's everywhere. And its penalties are brutal, just as its rewards are phenomenal.
But the Left doesn't get it Because the market cannot be bribed. It cannot be bent to special interests. It cannot accomodate rent seekers or politicians seeking re-election. So they have no control over it. And they hate it for that reason.

What world do you live? The market can't be manipulated?

Unemployment is high because corporate America is manipulating the HELL out of the market.

Corporate America (whoever that is) is manipulating the market? The stock market? The bond market? The market for goods and services? And as a result of their making more money, which typically means they need more employees, unemployment is high?
Where do they teach this stuff??

Can you spell L-O-B-B-Y-I-S-T? And who pays the lobbyists? The inner urban dwellers of Philadelphia? The Navajos out on the reservation west of Gallup, New Mexico? The fruit pickers in California?

I have a friend who has an office overlooking the west tarmac and private jet parking spot at Dulles Airport in D.C. He said he can sit there and just watch the corporate jets land, passengers disembark, then come back about three hours later and take off again. He said there were no less than 50 "business jets" parked there at one time. And all the jets belong to large corporations. So yes, honey. Corporate America runs Congress. Congress is their "bitch". And these same corporate moguls also have the stock market rigged for their benefit, too.

 

[The Rabbi]

What world do you live? The market can't be manipulated?

Unemployment is high because corporate America is manipulating the HELL out of the market.

Corporate America (whoever that is) is manipulating the market? The stock market? The bond market? The market for goods and services? And as a result of their making more money, which typically means they need more employees, unemployment is high?
Where do they teach this stuff??

Can you spell L-O-B-B-Y-I-S-T? And who pays the lobbyists? The inner urban dwellers of Philadelphia? The Navajos out on the reservation west of Gallup, New Mexico? The fruit pickers in California?

I have a friend who has an office overlooking the west tarmac and private jet parking spot at Dulles Airport in D.C. He said he can sit there and just watch the corporate jets land, passengers disembark, then come back about three hours later and take off again. He said there were no less than 50 "business jets" parked there at one time. And all the jets belong to large corporations. So yes, honey. Corporate America runs Congress. Congress is their "bitch". And these same corporate moguls also have the stock market rigged for their benefit, too.

So htere are no lobbyists for unions? No lobbyists for private orgs like NRA or Sierra Club? No lobbyists for NOW?
In any case, can you lay out exactly how the presence of lobbyists means Corporate America (whoever that is) is manipulating the market (whatever that means) to cause unemployment to be high?

 

[Skull Pilot]

Yes folks, we do need less regulation.

"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 have 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 that it had not received trial payments (when in fact it had). We were told that admitting that the bank received documents would "open a can of worms" since the bank was required to underwrite a loan modification within 30 days of receiving those documents and it did not have sufficient underwriting staff to complete the underwriting in that time.... Site leaders regularly told us that the more we delayed the HAMP modification process, the more fees Bank of America would collect. We were regularly drilled that it was our job to maximize fees for the bank by fostering and extending the lay of the ... modification process by any means we could --- this included lying to customers. For example, we were instructed by our supervisors at Bank of America to delay modifications by telling homeowners who called in at their documents were "under review," when, in fact, there had been no review or any other work done on the file."

" Employees who were caught admitting that Bank of America had received financial documents or that the borrower was actually entitled to a permanent loan modification where discipline and often terminated without warning."

Bank of America did not merely lie to its customers. Bank of America makes a practice of lying to its own staff. While the use of a "nonperforming" loan are higher than the fees paid on a "performing" loan, the real reason for this outrageous behavior is that the banks are attempting to protect and maintain their receipt of outrageous sums of money that they have declared to be proprietary trading profits. The banks are mere intermediaries. They are not and never were principals or real parties in interest in any transaction between the homeowner and the investors who put up the money.

BANK OF AMERICA'S SENIOR LOAN COLLECTOR ADMITS TO LYING BECAUSE HE WAS TOLD TO LIE | IN RE BANK OF AMERICA HOME AFFORDABLE MODIFICATION PROGRAM (HAMP) CONTRACT LITIGATION | Barry Fagan - JDSupra

FYI: Wells Fargo practiced this same exact scam!

Politicians lie all the time why don't you regulate them.

 

[Zoom-boing]

What world do you live? The market can't be manipulated?

Unemployment is high because corporate America is manipulating the HELL out of the market.

Corporate America (whoever that is) is manipulating the market? The stock market? The bond market? The market for goods and services? And as a result of their making more money, which typically means they need more employees, unemployment is high?
Where do they teach this stuff??

Can you spell L-O-B-B-Y-I-S-T? And who pays the lobbyists? The inner urban dwellers of Philadelphia? The Navajos out on the reservation west of Gallup, New Mexico? The fruit pickers in California?

I have a friend who has an office overlooking the west tarmac and private jet parking spot at Dulles Airport in D.C. He said he can sit there and just watch the corporate jets land, passengers disembark, then come back about three hours later and take off again. He said there were no less than 50 "business jets" parked there at one time. And all the jets belong to large corporations. So yes, honey. Corporate America runs Congress. Congress is their "bitch". And these same corporate moguls also have the stock market rigged for their benefit, too.

Government (supposedly) works for us, yet they choose to accept being corps bitch.

And you see the corps as the bigger problem? Ok, you go with that.

 

[NoTeaPartyPleez]

Corporate America (whoever that is) is manipulating the market? The stock market? The bond market? The market for goods and services? And as a result of their making more money, which typically means they need more employees, unemployment is high?
Where do they teach this stuff??

Can you spell L-O-B-B-Y-I-S-T? And who pays the lobbyists? The inner urban dwellers of Philadelphia? The Navajos out on the reservation west of Gallup, New Mexico? The fruit pickers in California?

I have a friend who has an office overlooking the west tarmac and private jet parking spot at Dulles Airport in D.C. He said he can sit there and just watch the corporate jets land, passengers disembark, then come back about three hours later and take off again. He said there were no less than 50 "business jets" parked there at one time. And all the jets belong to large corporations. So yes, honey. Corporate America runs Congress. Congress is their "bitch". And these same corporate moguls also have the stock market rigged for their benefit, too.

So htere are no lobbyists for unions? No lobbyists for private orgs like NRA or Sierra Club? No lobbyists for NOW?
In any case, can you lay out exactly how the presence of lobbyists means Corporate America (whoever that is) is manipulating the market (whatever that means) to cause unemployment to be high?

Oh, yes, the NRA is one of the biggest lobbying groups inside the Beltway besides health insurance companies. The NRA is the "bitch" of the gun and weapons manufacturers, a mega mega corporate industry. There are seven health insurance lobbyists for every single Congressman. I don't know what the ratio is for big bank lobbyists. I would imagine it is comparable, though.

The unions don't have nearly the power they had in the 60s and 70s. Congress has taken front and center stage. Wisconsin is a good example of how a governor can squash the unions for future collective bargaining. Wisconsin is Ground Zero for the unions and they were beat badly by Walker. Walker was I suspect, heavily funded by corporations to carry his fight to fruition and avoid his recall election.

Here's a new example of the power of mega corporations: The American Medical Association has just ruled that obesity is now a "disease" and shall be treated as such by doctors and hospitals. Who stands to benefit? Duh. Johnson and Johnson just got a new fat pill approved by the FDA. Connect the dots.

Unemployment is high because corporations have the upper hand and can run their businesses on a tighter, leaner structure by threat of layoffs. People who do have jobs are terrified of losing them. So you tell me who is pulling whose strings?

Just remember the famous line from Woodard and Bernstein when they got that call from DeepThroat: "Follow the money." That's all ya' gotta do.