Bank of America former employees: 'We were told to lie' [View all]
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Source: NBC
Bank of America former employees: 'We were told to lie'
In sworn testimony, six former employees describe what they saw behind the scenes of an often opaque process that has frustrated homeowners, their attorneys and housing counselors.
They describe systematic efforts to undermine the program by routinely denying loan modifications to qualified applicants, withholding reviews of completed applications, steering applicants to costlier "in-house" loans and paying bonuses to employees based on the number of new foreclosures they initiated.
The employees' sworn testimony goes a long way to explain why the government's Home Affordable Modification Program, launched in 2008 during the depths of the housing collapse, has fallen so far short of the original targets to save millions of Americans from being tossed from their homes.
http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458
Read more: http://www.nbcnews.com/business/suit-bank-america-paid-bonuses-foreclosures-6C10351458
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