WHAT DOES BANK OF AMERICA HAVE IN COMMON WITH HMOS?
Once again, Bank of America has been named in a class action lawsuit, and has proven that they are not trustworthy, and have no intention of helping homeowners trying to avoid foreclosure. While this is no longer a surprise to most people, the depth of their greed has reached a new low and the audacity of their blatant, fraudulent behavior is quite disturbing. It's very reminiscent of HMO's that pay doctors a bonus to not treat you, whereby creating a system that rewards those who exploit and injure consumers that are the most desperate for help.
BANK OF AMERICA TOOK 25 BILLION OF YOUR MONEY AND REFUSE TO HELP HOMEOWNERS AVOID FORECLOSURE
So what's wrong with a corporation trying to increase their bottom line? The problem lies in the fact that Bank of America eagerly accepted $25 Billion in bailout money with the written guarantee that a good portion of that money would be used to assist struggling homeowners. As is the case with all lenders that accepted the bailout funds under the TARP agreement, Bank of America is REQUIRED to exhaust ALL available options, in an effort to avoid foreclosure. This assistance includes, but is not limited to principal balance reductions, extending the amortization period of loans, reducing a homeowners interest rate, etc... In addition, you and I are paying for this bailout loan, and will continue to pay for the rest of our lives. In fact, due to the massive size of this debt, our children will pay for it throughout their lives, our grandchildren will pay for it, and so on. This money comes out of our pocket in the form of taxes, which everyone bitches about, and no one wants to increase. Personally, I think that Bank of America should be buried in the same deep hole with other demon corporations like Monsanto, but that's a whole other blog post ; )
FORMER B OF A EMPLOYEES HAVE SIGNED AFFIDAVITS REGARDING ILLEGAL ACTIVITY
Here are just a few of the allegations of wrong doing by Bank of America, according to the lawsuit filed by the law firm Hagens, Berman, Sobel, Shapiro LLC. It's important to note that, unlike previous claims of illegal and unethical B of A activity, these "allegations" are backed by the signed affidavits of former Bank of America employees that "allegedly" witnessed this egregious behavior first hand. Of equal importance, is the fact that a judge has already dismissed B of A's request to throw out the lawsuit:
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Bank of America employees were paid bonuses for denying loan modifications to qualified homeowners, and referring 10 or more homeowners for foreclosure, within one month.
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Bank of America employees were given store gift cards for denying loan modifications and causing homeowners to fall into foreclosure.
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Homeowners were placed in loan modifications with higher interest rates than what they should have been given. For example, under the HAMP government modification program, homeowners are to be given a 2% interest rate for 5 years. Homeowners were, instead, given "in house" modifications with higher interest rates and/or less desirable loan modification terms.
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Homeowners were told that they did not qualify for the HAMP program, when in fact, they actually did.
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Homeowners were told that they did not qualify for any type of foreclosure avoidance assistance, when in fact, they did.
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Bank of America is allowed to collect additional "fees" while homeowners are in trial modification periods. Because of this incentive, many homeowners are left in that state of flux, and never placed into a permanent modification, which B of A is required to do at the end of a successful 3 month trial period.
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Bank of America employees were told to make the loan modification process as difficult as possible, in an effort to discourage and exhaust homeowners, in hopes that they would give up their attempt to obtain a modification.
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Bank of America failed to finalize permanent modifications, at the end of the 3 month trial modification period, after collecting 3 months of payments from homeowners. Homeowners were then given numerous excuses such as they "no longer qualified" or that they "failed to provide paperwork", which had never been requested. B of A borrowers were placed back in foreclosure at that point, with many losing their homes.
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Bank of America fired employees that failed to foreclose on an adequate number of homeowners.
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Bank of America fabricated modification figures, to make it appear as though they were complying with government regulations and the terms of the Nationwide Mortgage Settlement. B of A made it appear as though they were providing more assistance to borrowers than what was actually given.
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Homeowners were forced to spend hours on hold, and passed around from department to department, yet given no real assistance or answers regarding their modifications, or the status of their loans.
HOW CAN YOU JOIN THE CLASS ACTION LAWSUIT AGAINST BANK OF AMERICA?
If you suspect that you are a victim of Bank of America's illegal and unethical practices, and have legal grounds to join the B of A class action lawsuit, contact Hagens, Berman, Sobel, Shapiro Law Firm . Remember that the more homeowners that come forward with information, the better chance that these allegations will be taken seriously and Bank of America will be forced to pay restitution to you and other injured parties. There is no cost to you, and any information that you share will remain private, as legally required.
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