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

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.
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Comments (50)
  • redarrow5150
    , contributor
    Comments (1158) | Send Message
     
    Wow what a shock!

     

    Sincerely,

     

    Jamie Dimon

     

    P.S. They make more money than you!
    15 Jun 2013, 12:08 AM Reply Like
  • Leonard Umina
    , contributor
    Comments (18) | Send Message
     
    Perhaps they should change their name to Bank of Obama. How many scandals can we tolerate from this bank? They prey on the poor and even worse, struggling young families. I don't know if Congress can handle yet another investigation given all that are currently in progress, but this one is dangerous for BAC because Obama needs something to get his backside out of the fire, and this scandal would be immensely popular with the public.

     

    In years gone by I would have suggested that they be prohibited from using "America" in their name, but these days this kind of corruption personifies America so they get a pass until the cleanup really gets underway.
    15 Jun 2013, 12:11 AM Reply Like
  • Jake2992
    , contributor
    Comments (825) | Send Message
     
    Bengazi investigation....fallen apart. IRS investigation.....falling apart. The only scandal here is Republican obstructionists completely failing to do the job the People sent them there to do..GOVERN.
    15 Jun 2013, 02:25 PM Reply Like
  • thevisitor967
    , contributor
    Comments (7) | Send Message
     
    Bank of America's questionable practices started way before Obama was President. IMO it all started when that North Carolina financial institution merged with San Francisco's Bank of America. I remember when all this happened because I was living in the S. F. Bay Area at the time. I was shocked when I read in The San Francisco Chronicle that Bank of America was moving to North Carolina, taking with it all these jobs from San Francisco. I remember this was an uproar in San Francisco. We couldn't understand why the bigger Bank of America would have to relocate to the smaller financial institution's headquarters. Shouldn't it be the other way around? Well, this was just the start of all this deceitful and questionable practices that this North Carolina financial institution did to Bank of America. So, Mr. Umina, before you dragged President Obama's name into all this--I advise you to first do some research before you open your big fat mouth.
    16 Jun 2013, 01:41 PM Reply Like
  • MatchlessGlory
    , contributor
    Comments (37) | Send Message
     
    As a former employee of BAC, in the default servicing dept, this is the biggest lie I've ever seen.

     

    I only wish I could've declined more people. Instead people who were not eligible would apply, again, and again, and waste our resources making us unable to help those truly in need.

     

    Additionally the article reads, "delay modifications by telling homeowners who called in." If you're holding a position that speaks with borrowers directly that means you are in the front line... not in the back line where decisions are actually made. Meaning this person was only interpreting the status of a loan, not actually changing/processing it. (In other words, regardless of what they said they likely had no impact on the loan.)

     

    If I had to guess I'd assume this was a disgruntled employee from the collections division.
    15 Jun 2013, 03:51 AM Reply Like
  • John/Jack
    , contributor
    Comments (116) | Send Message
     
    Bloomberg is no longer ANY kind of news sources. Are you KIDDING us with this made up story? Bonuses for illegal activity? Ha ha ha.
    15 Jun 2013, 05:04 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    There are numerous declarations and affidavits from BofA employees attesting to the fact that the bank told them to lie to homeowners. See http://bit.ly/11GGBT6 in the LIBRARY under Affidavits.

     

    Read Neil Barofsy's BAILOUT, Chapter 8 Foaming the Runway for the banks... All about how fictiticous HAMP is and how homeowners were sucked into default on purpose. This is a "land grab" - worse than anything we've seen in 70 years. Legislators paved the way.
    15 Jun 2013, 05:47 AM Reply Like
  • MexCom
    , contributor
    Comments (3064) | Send Message
     
    Everything you read on the internet is true, LOL.
    15 Jun 2013, 06:25 AM Reply Like
  • bbrady413
    , contributor
    Comments (769) | Send Message
     
    Correct MexCom. Ben Franklin said so.
    15 Jun 2013, 07:10 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    Read the court documents. You can remain as naive as you want. If you are smart you will do extensive research.
    18 Jun 2013, 02:09 PM Reply Like
  • MexCom
    , contributor
    Comments (3064) | Send Message
     
    In reality, BAC has a major outreach effort to owners who have stopped paying their mortgages to turn them into productive interest earning loans. Some owners are hard to reach others have already died. Estates sales of real estate when settled clear up the indebtedness. During the annual stockholder's meeting not even a cup of coffee was offered. The only display was the mortgage modification program showing the effort the bank has been making to keep people in their homes and turn these mortgages into productive assets. With the recent run up in the stock and the current downturn failing to make a major inroad below the $13 level, expect to see other muck conjured up by the shorts trying to get out of their positions.
    15 Jun 2013, 06:33 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    Odd...someone with no first hand experience knows how hard Bank of America is working to keep people in their homes? I PERSONALLY observed them defy a court order and throw a single mom out on the street by removing everything from her home while she was at work. They did this AFTER they had given her a modification. The real world is a lot different than what they tell you at stockholders meetings.

     

    http://bit.ly/1b0b6rs
    15 Jun 2013, 10:31 AM Reply Like
  • daner
    , contributor
    Comments (22) | Send Message
     
    EGalindo,

     

    I read most of the articles and watched the video from your attached link. They said many times her bank was "US Bank". I did not see any mention of "Bank of America".
    15 Jun 2013, 01:18 PM Reply Like
  • Jake2992
    , contributor
    Comments (825) | Send Message
     
    MexCom, has his head so far up the BAC's anus it's hard to read his pointless dribble.
    15 Jun 2013, 02:27 PM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    This is true daner. It was US Bank, I used it as an example of the kind of abuse that the banks have been doing to the homebuyers. So for your reading pleasure...here is one that does involve Bank of America:

     

    http://bit.ly/12AeSZv
    16 Jun 2013, 09:16 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    Here's another one, just so you don't think it was an isolated incident:

     

    http://bit.ly/1ahUgXB

     

    and here is an example of 10 horror stories of bank abuse (bank involved are not named here)
    http://bit.ly/1ahUgXE

     

    These are our friends and neighbors. This is the United States. We are the nation that demand human rights from other nations as we police the world. Why are so many okay with this kind of abuse on our own back porch? Who feels more entitled the ones who are thrown from their homes or the ones who do the throwing?
    16 Jun 2013, 09:53 AM Reply Like
  • daner
    , contributor
    Comments (22) | Send Message
     
    EGalindo,
    Thank you for the info. I appreciate your support of the homeowner. The housing bubble that started to pop in 2006 was probably the worst financial crisis in this country since the "Great Depression". Being in the real estate business in S. FL. I had a front row seat. Easy money and too many people believing house prices could not ever go down were the main drivers. Subprime lending and all of those crazy loan terms really blew the bubble up! The big banks are easy targets, as Willie Sutton said, "that's where the money is". And the subprime lenders are gone years ago. But I don't feel the big banks deserve all of the blame. B of A has paid around $50B to clean up Countrywide's mess. They probably could have just put Countrywide into bankruptcy, but I feel they are trying to do the right thing. An honest 20% min. down payment on a home loan would be a great regulator, but our Gov. still thinks everybody should get a home loan.
    16 Jun 2013, 01:50 PM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    And the government charged 0-1% interest to make that happen. The government did not require lenders to relax or even ignore underwriting standards. The government did not set the Libor rates and the government did not create "Option-arm" loans, nor encourage brokers and real-estate agents to bring in buyers no matter what they had to do. There is enough wrong-doing in this situation to go around, so there ought to be a shared responsibility for that...so far there is not.

     

    Thus far, we have the corporate institutions trying to point at the homebuyers and lay the entire burden onto them, or whining about how the "government made then do it." The same corporate institutions that claim the homebuyer should have "known what they were doing," are trying to find somewhere else to lay their own culpability. Now it is crumbling around their ears and they are still in denial.
    18 Jun 2013, 01:43 AM Reply Like
  • MexCom
    , contributor
    Comments (3064) | Send Message
     
    The people to take applications for loan modifications were there. They have statistics published showing the numbers modified and foreclosures. There is no profit in thowing people out of their homes - they are risking continued lending to poor credit risks in order to do this. These people must make the payments. Its a gift that if they are working at lower wages to keep their home and pay a lower balance mortgage with lower monthly payments. This is probably a low profitit if any buisiness.

     

    For the long term, it may be kinder to let these people default on their loans, forclose and declare personal bankruptcy to give them a clean starting point to rebuild their credit wortiness.

     

    BAC is a company that facilitates commerce and gives poor people opportunity to own their own homes.
    18 Jun 2013, 11:22 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    As one in the trenches it is amazing to me how many people choose to bury their head in the sand when it comes to fraudulent foreclosures. How many have had their homes foreclosed on that have never missed a payment? How many have had their homes foreclosed on when their homes were paid off? How many have made their "hamp" "harp" or "hope" payments on times for several months, years, only to have their homes foreclosed on anyway.

     

    There is no "clean start" for many of these people because their credit has been ruined, and their savings robbed by fraudulent practices.

     

    Now we have the affidavits of B of A employees stating that what we suspected was true....and still the nay-sayers bury their heads in the sand.

     

    “The most elementary conceptions of justice and public policy require that the wrongdoer shall bear the risk of the uncertainty which his own wrong has created”. See, Bigelow v. RKO Radio Pictures, Inc., 327 US 251 - Supreme Court (1946), See Package Closure Corp. v. Sealright Co., 141 F.2d 972, 979. That principle is an ancient one, Armory v. Delamirie, 1 Strange 505
    20 Jun 2013, 01:57 PM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    The banks failed long before the majority of homeowners defaulted. Most homeowners called the banks to refinanced as they had been promised when they took out the short term ARM loan. The short term option ARM was a scam, a defective LIBOR rigged rate loan. The banks had lost their credit flow in about Jan. 2007. When the homeowners, who had good credit at that time, called to refinance and exercise their "option" to refinance - the banks could not perform.

     

    There is way too much information to write in a couple of paragraphs, but I can suggest you start at the beginning of DeadlyClear.com and read every post. I am amazed at how many Sheeple have no clue what is going on.

     

    These banks are paying BILLION$ in settlements and fines... Not because they were duped by homeowners - BUT BECAUSE THEY COMMITTED FRAUD! Wake up.
    21 Jun 2013, 02:20 PM Reply Like
  • dtraeger
    , contributor
    Comments (6) | Send Message
     
    Coincidence? Recent HARP refi's on buried investment props, went seamlessly at PNC and Chase.

     

    Than came BAC. In Jan., had started the refi ball on an 8 year loan with a BAC prop. we held. A week later the originator at BAC E'd, it didn't qualify. Replied it did, than originator called and said he couldn't find the file in the system anymore, would get back to us. After another two weeks, we were informed the loan was sold to Green Tree. Now, after 6 month's of this bank limbo, we finally closed just yesterday with Green Tree. Lost out on some rate and paid a lot of wasted interest in the interim.

     

    But just a shout out to the Pols out there. That some of us meet our obligations, regardless of market conditions. We may be buried, but we'll figure out our own mess and meet our obligations. Or should we just throw you the keys, like you keep making it easy to do, for those legions of dregs?
    15 Jun 2013, 07:07 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    If you thoroughly understood what brought the economy to its knees you'd see that there were some 25 million American families affected by the Wall Street securitization scheme by corporate and municipal layoffs because their companies had invested the pension trust funds in fraudulent, fictiticous REMIC trusts and lost million$ (in some cases billion$).

     

    This new USTPO patented securitized mortgage scheme used traditional paperwork but worked NOTHING like a traditional mortgage. It baited investors and homeowners into the world's biggest Ponzi scheme and flatten at least 2 tires on the truck of the economy. Housing, labor, construction and construction manufacturing crumbled as a result of defective loan products, at a time when contractors and laborers were heading for retirement within the following 10 years. They lost everything.

     

    If you have a crisis and you cannot work and your savings gets drained, your investments shrink to zero and the equity you thought you had in your unsaleable home is gone because of the clouded titles due to the bank's fraudulent games...how easy will it be for you to meet your obligations?

     

    This holier than thou attitude will be worthless if and when the market crashes and you are on the top floor plummeting to the ground. The homeowners that you so readily pass off as irresponsible are miles ahead of you, have remade themselves and are fighting the fraud so this won't happen again.

     

    ANYONE that bought a mortgage or refinance between 2003-2008 was duped and induced by rigged LIBOR rates, inflated appraisals and a scam that is on the verge of crushing the American Dream altogether. Wake up Sheeple. http://bit.ly/14ntVCZ
    21 Jun 2013, 02:50 PM Reply Like
  • gwynfryn
    , contributor
    Comments (5159) | Send Message
     
    "a BAC spokesperson says dryly."? That's what I like, objective reporting, and this is nothing like...
    15 Jun 2013, 08:31 AM Reply Like
  • Colin Lokey
    , contributor
    Comments (466) | Send Message
     
    The term "dryly", as it is used here, simply means: "In a matter-of-fact way." As such, use of the term is entirely appropriate and conveys nothing as to an editorial opinion regarding the truth or (un)truth of the former employees' accusations. They say "yes", Bank of America says "no."
    15 Jun 2013, 10:04 AM Reply Like
  • gwynfryn
    , contributor
    Comments (5159) | Send Message
     
    That's a possible interpretation, Colin, but not the only one; they could have eliminated ambiguity by using "matter of factly", if that is what they meant.
    20 Jun 2013, 09:23 AM Reply Like
  • GuthWil
    , contributor
    Comment (1) | Send Message
     
    This is obviously not a true statement. In many instances, borrowers who apply for modifications will not be eligible if they have one of many "private investors" backing their loan- this would be most of the time anyone other than Fannie or Freddie or BAC. And upon applying, the bank is not allowed legally to tell the borrower up front that they are not eligible for modification until the file has been underwritten and processed. Also, modification destroys MBS pools held by an investor.

     

    My personal opinion is that nobody is obligated to receive a modification - at the closing table, you sign a legally binding contact to repay a fixed amount of money. Borrowers who feel a sense of entitlement to government programs such as HAMP are a new breed, it would be hard to find another point in our economic history where loans have been eligible for interest rate reduction. This is one of the reason why the FHA, Fannie, and Freddie, have incurred huge losses.
    15 Jun 2013, 09:06 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    Borrowers feel a sense of entitlement when they have been defrauded. Considering the plethora of lawsuits that have been settled in lieu of litigation, LIBOR fixing, "predatory loans" and such.

     

    One of the reason why the FHA, Fannie and Freddie are incurring such big losses is because when they backed these loans they became a cash cow....lending institutions tossed their underwriting standards out the window so they could rake in free money quickly and continue to live their lavish lifestyles and pad their payrolls. When the market came crashing down...these same "irresponsible" borrowers were the ones who helped bail them out with their tax dollars.

     

    Now is seems these same geniuses who crashed the economy think that they are entitled to have us bail them out again, by enslaving the rest of our lives carrying the results of their fraudulent behaviors.

     

    Problem is...when they crashed the economy....they began calling teachers, firemen, servicemen, mayors, doctors, some lawyers,..."entitled".
    15 Jun 2013, 10:40 AM Reply Like
  • mphill47
    , contributor
    Comments (576) | Send Message
     
    The truth is that these borrowers were happy to get the crazy loans that let them buy a home they couldn't afford. Countrywide did it not BAC. A lot of these borrowers were more than happy to default on their upside down loans and screw the lender. Where is your sense of fairness? You must be a gen-x'r or 99%r.
    15 Jun 2013, 12:59 PM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    Another truth is investors are happy to see a profit, no matter what kind of laws are broken behind the scenes, as long as the money moving up, they don't want the boat rocked. How different is that from homebuyers who don't want to see their homes lose value.

     

    You are right about Countrywide being the one who did it and not B of A. However, now Countrywide is in B of A's coffer and that includes the fraud and lack of underwriting. That has not changed. Who are "these borrowers" you are referring to? Sounds like a prejudicial, derogatory statement to me, written by one who fears his stock might begin to drop because of the controversy.

     

    How many lawsuits, settlements and revelations do we need to be exposed before people start to realize that there is something seriously wrong here? And please....don't waste your time and effort pointing at the "ignorant homebuyers". These lenders are supposed to be the ones with all the degrees, accounting skillls, and fiduciary responsibility....
    16 Jun 2013, 09:25 AM Reply Like
  • bankman1948
    , contributor
    Comments (6) | Send Message
     
    I agree that it was Countrywide and not BAC that caused these problems. Also, I have not seen anyone discuss how many of these upside down loans on homes that people could not afford in the first place were loans that were purchased by Countrywide and BAC from Mortgage Brokers who were the ones filling out the paperwork for the borrowers and writing fairytale applications. Where is the condemnation for the Real Estate Un-Professionals who were telling buyers that they could pay more for a house they could not afford in the first place because they were going to make a boat load of money as the market value of the home would keep going up. As a retired Regional Chief Appraiser for BAC, I never was told or did I tell my staff to increase or decrease values to make loans fly or crash. In fact, our staff had to take "Fair Lending" classes every year to make sure that we were doing the right thing for the borrower. It is about time that the true dirt bags that caused this mess be put into the spotlight. Chris Dodd, Barney Frank and many other politicians made the banks loan money to people that could not afford it under the Community Reinvestment Act (CRA). Since its inception, (CRA) banks have loaned billions of dollars to borrowers who did not have a chance in hell of ever being able to pay back the money they borrowed for the homes they could not afford. O.k. guys - Lets blame the guys that we forced to throw money down a rat hole. Government in action.
    17 Jun 2013, 02:26 PM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    Repeat of my reply to post above:

     

    And the government charged 0-1% interest to make that happen. The government did not require lenders to relax or even ignore underwriting standards. The government did not set the Libor rates and the government did not create "Option-arm" loans, nor encourage brokers and real-estate agents to bring in buyers no matter what they had to do. There is enough wrong-doing in this situation to go around, so there ought to be a shared responsibility for that...so far there is not.

     

    Thus far, we have the corporate institutions trying to point at the homebuyers and lay the entire burden onto them, or whining about how the "government made then do it." The same corporate institutions that claim the homebuyer should have "known what they were doing," are trying to find somewhere else to lay their own culpability. Now it is crumbling around their ears and they are still in denial.
    18 Jun 2013, 01:47 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    Yeah, and that was after they swindled them out of their pension funds. See THE SUCKER PUNCH on DeadlyClear. All this busting up the union business came after the pension fund investors began suing the banks for inflating the mortgage appraisals, abandoning underwriting guidelines and over-rating the bonds... None of which the homeowners had anything to do with.

     

    The banks began to fail long before the homeowners defaulted.
    19 Jun 2013, 06:12 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    And what exactly do YOU do everyday? How about volunteering at any foreclosure defense attorney's office and just do the in-take on the homeowners for a day or two. You will see average working folks, doctors, school teachers, policemen, rock stars, etc. all walk through the door and tell the same story.

     

    These folks were all sold (every TV, Radio, newspaper, billboard) on credit. Mortgage Store, Dietech dot.com, Capital One and they believed in the U.S. economy and invested in real estate. They were promised they could refinace these defective OPTION ARMs into 30-year fixed rates in a couple of years; but when they tried to use their option - the banks could not perform. These homeowners got sucked into HAMP Hell in order to try and modify the detonated loan that they were never vetted for - after the economy had slowed down (and while gas prices went sky high).

     

    The majority of folks are just like you. They were told by the loan officer they could afford this house and promised a refinance. Wake up - this is a land grab and don't think you are not subject to it if you own property. If you don't own any real estate - go back to bed.
    19 Jun 2013, 06:30 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    Wake up - read BAILOUT by Neil Barofsky, former TARP inspector general. There are no real modifications. The bank's wrote more loans than they can legally hold and now the regulators want to squeeze the air out of that bag.

     

    This stat might amaze you but there is only 65% homeownership in America and it is headed for leasehold. There are 16 other countries a head of the US, many with over 90%, like Bulgaria with 97%.

     

    Fannie and Freddie have huge losses because they were at the helm of the securitization scheme. They were major shareholders of Mortgage Electronic Registration Systems, Inc. a shell corporation designed to skirt regulations and blur the truth. Search the company or it's acronym "MERS" online... The truth will astound you. There is a new book called "ShellGame MERS" by Robert Janes. If you can handle the truth download a copy.
    21 Jun 2013, 03:02 PM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    Wow - are you misguided. I suppose you believe that people who started smoking in the 1950s and 1960s because of the commercial advertising and product placement in movies and on TV deserve to get cancer?

     

    Reality is this was a well orchestrated scheme. It was patented - every single aspect. The intent by the banks was to change the traditional mortgage and landownership process. Laws were systematically changed in years prior to the great launch at the turn of the century. Over 84 million American mortgages were written and rewritten, treating properties like Wall Street stocks.

     

    The banks and the American government needed the value of the land as their new gold standard because there was nothing else to back up the debt.
    21 Jun 2013, 03:11 PM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    BofA was a driving force in the securitization scheme. BofA, formerly NationsBank, held major rights in the Mortgage Electronic Registrations Systems, Inc. "invention" - MERS. This was developed in the 1990s.

     

    MERS is touted to the courts to have been designed to skirt state and county land recording fees ...but it appears the real reason was to slide by the homeowner the "explicit agreement" to electronically transfer the loan documents (necessary for securitization) as regulated in UETA section 16.

     

    Don't get me started on MERS in the mortgages. It has been cleverly evading the fact that it never has been the electronic registry. That was MERSCORP, Inc. See http://bit.ly/14ntVCZ.
    21 Jun 2013, 03:21 PM Reply Like
  • SMQ
    , contributor
    Comments (21) | Send Message
     
    reducing principle is like stealing.
    15 Jun 2013, 09:12 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    Let's suppose you are investing in a stock and you find out that the company fraudulently released a report that artificially inflated the value of the stock by 40-150%. Are you entitled to file a securities fraud claim and get your money back plus damages?

     

    There is no difference here with the mortgages. Banks like Countrywide (and this is in court produced documents and depositions) had their own appraisal companies come in to the market and inflate appraisals to meet the borrower's "willingness to pay" - an amount offered based on the borrower's credit score.

     

    It only takes a few corrupt appraisals to skew a market. During the height of the housing bubble, real estate agents, loan officers, mortgage brokers would all tell the appraiser the amount they were looking for and the appraiser knew to add 10-20% depending upon the type of loan.

     

    Wall Street didn't care about the appraisal value because it appears they knew this was a scheme. But to the borrower the appraisal was a selling point. The banks treated the properties like stock saying, "pull out some equity and pay off your credit cards, property values have been steadily increasing for 70 years." In some cases the borrower has to pull out more money than he wanted in order to pay off credit cards or car loans in order to get the loan. This was the pitch.

     

    Remember the majority of the mortgagors had no idea Wall Street was involved in their loan process - or even what securitization was at the time they bought the defective mortgage product.

     

    They certainly had no idea what LIBOR or HIBOR stood for - or that the interest rates were rigged.
    21 Jun 2013, 03:37 PM Reply Like
  • SMQ
    , contributor
    Comments (21) | Send Message
     
    that seem far fetched.
    15 Jun 2013, 09:18 AM Reply Like
  • La Rue
    , contributor
    Comments (894) | Send Message
     
    Has anyone seen Jon Corzine around the bank ???
    15 Jun 2013, 10:29 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    No, but I think he's planning on rooming with Bernie Madoff.
    15 Jun 2013, 12:05 PM Reply Like
  • jackooo
    , contributor
    Comments (1708) | Send Message
     
    It's all good. No one went to jail!!!!
    15 Jun 2013, 03:02 PM Reply Like
  • Lankfam
    , contributor
    Comments (49) | Send Message
     
    There are a lot of people out their who do not want any accountability for their actions just like my niece and nephew. The government is trying to hold the banks to an unreal level while allowing many, many people to walk away without ANY accountability.
    16 Jun 2013, 06:27 AM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    You're right. There are people who don't want to take accountability for their actions, but not 10 million of them. These were not welfare recipients, most of them were families working to make a home for themselves and their children. Many of them were paying "temporary modification" payments before the bank foreclosed on them. Many were forced to pay 9-11% interest on a home that was underwater while they waited for the bank to modify and as you can see from the article....the bank did not want to do it.

     

    They could not refinance, because their homes were underwater, and they could not sell for the same reason.

     

    Let's at least be honest here, the objection here is still more about losing profit than fairness.
    16 Jun 2013, 09:30 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    Oh Pleeese Lankfin! You apparently have no idea what is really transpiring behind the securitization curtain. Your niece and nephew, like 84+ million other American families were sold defective loan products set to detonate to a price that NO ONE had been vetted for - all based on RIGGED LIBOR RATES.

     

    These banks intentionally inflated appraisals, systematically abandoned underwriting guidelines and overrated the bonds. This was by design. The ENTIRE scheme is patented in the USTPO. Then to make matters worse, these banksters NEVER assigned the mortgage loans to the securitized trusts which has compromised the REMIC tax shelters. On top of that, years AFTER the REMIC trusts closed (which most are governed under New York Trust laws) these banks fabricated documents by the millions trying to assign the loans years later AFTER the trusts had closed which was TOO LATE.

     

    Everyone in America that mortgaged a home between 2003-2008 should investigate the ownership of their loan and know precisely where their loan is located. I help homeowners research every day and many of these folks have never missed a payment and have received foreclosure notices. Many got sucked into HAMP which is a scam.

     

    The inflated appraisals were intentional because these banks lent the money based on your credit score and willingness to pay - not the real value of the land. When you understand the details and intricacies of this scheme - you can see why your niece and nephew walked away and it is nothing to be ashamed of. Do you think these banks are paying BILLION$ in settlements because they did nothing wrong? That would be really naive.

     

    When you discover you are unwittingly participating in a Ponzi scheme, do you call an attorney, the DOJ or continue to participate. And if you continue to participate are you aiding and abetting criminal activity?

     

    Based on the thousands of mortgage loan files I have reviewed there is not one that wasn't defective. And IMHO these loans products should be "recalled" - the rigged LIBOR rates stripped out and all payments that have been made applied to the principal. At that point, the proprty values might not be underwater.
    16 Jun 2013, 03:16 PM Reply Like
  • Lankfam
    , contributor
    Comments (49) | Send Message
     
    I have a niece and nephew who are part of that genes crowd. They both bought homes in different states. Both defaulted on their loans. One was a short sale while the other just walked away. They come from a very wealthy family. They both were fine as long as the value of their homes were going up. Once the market came to a scratching halt they didn't like it. They had loans that were too big. They also felt "entitled" and they shouldn't have to pay for the mistake of a bad economy. It was appalling to the rest of our family of this mentality.

     

    The bank did nothing wrong in either of these two situations.
    16 Jun 2013, 06:28 AM Reply Like
  • DeadlyClear
    , contributor
    Comments (64) | Send Message
     
    It appears there is not a mortgage loan written between 2003-2008 that is not defective. Read the US Senate investigative reports. Top it off with intentionally inflated appraisals and rigged LIBOR interest rates. Read BAILOUT by Neil Barofsy.

     

    If you or anyone that took out a loan during this period, whether in foreclosure or not, do not know exactly where your loan is and who precisely owns it and have a complete chain of title in your hands at this very moment - you likely have a major cloud on your title and the property could be considered worthless because you can't sell - even if it wasn't underwater - due to this land grab scheme.

     

    It was all patented in the USTPO. See for starters:

     

    http://bit.ly/12TkbV4

     

    If America doesn't wake up soon - we'll be primarily a leasehold country. There is only 65% homeownership now in the US. Even Bulgaria is higher with 95%.
    18 Jun 2013, 02:28 PM Reply Like
  • EGalindo
    , contributor
    Comments (93) | Send Message
     
    You are right Lankfam. There are those who chose to walk away and not hold onto their sinking ship. If they are young enough and solvent enough, they will recover. It was probably a good business decision, and that might be their story, but not everyone has the same story, as these corporations would have you believe.

     

    So when you talk about personal responsibility are the corporate entities that threw away their underwriting standards, and lied to the borrowers, or at the very least, looked the other way when the brokers lied to the borrowers, as they scooped up these loans to hide their poor lending practices, included in that statement?
    16 Jun 2013, 11:30 AM Reply Like
  • spadafora123
    , contributor
    Comment (1) | Send Message
     
    As a homeowner in Toronto, i'm THRILLED that the insane lender mess was and has never been the case here....Significant scrutiny is placed on each and ever mortgage applicant...by all licensed lenders. Simply having a pulse is not enough to get a home loan.
    16 Jun 2013, 08:40 PM Reply Like
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