Former employees allege Bank of America (BAC) gave out cash bonuses and gift cards as rewards...

|About: Bank of America Corporation (BAC)|By:, SA News Editor

Former employees allege Bank of America (BAC) gave out cash bonuses and gift cards as rewards for denying loan applications and illegitimately modifying customers' files in order to make them "ineligible for loan modification," Bloomberg says. One "loss-mitigation specialist" claims staff were "regularly drilled … to maximize fees … by extending delay of the Home Affordable Modification Program process" by any available means. "At best, these attorneys are painting a false picture of the bank’s practices," a BAC spokesperson says dryly.