Now if you can believe all the other past mystery happenings of Bank of AMERICA losing hundreds of millions of dollars without a full explanation "Where did all that money really go?", then this should be easy. How could a prestigious firm with the name of AMERICA in its title squeeze homeowners out of the last few nickels in their pockets? Wasn't their tax dollars from the bank bailout sufficient for Bank of AMERICA? Here's the story we are hearing.
Former employees of Bank of AMERICA have claimed the bank routinely stalled the application process for the government’s Home Affordable Modification Program (HAMP).
Several former Bank of America employees in customer service positions offered declarations in the case – Kamie Kahlko v. Bank of America – suggesting the bank was more interested in delaying HAMP applications and eventually steering
troubled borrowers into solutions or situations that were more profitable for the bank.
The employee statements, filed in federal court in Boston as part of a multi-state class action, also pointed to the bank for encouraging the wrongful informing of homeowners about the status of documents already on file.
In several of the depositions, the former employees told the servicer routinely stalled and failed to timely process documents associated with the HAMP loan modification requests.
One woman working as a customer service representative said she "was instructed to inform every homeowner who called in that their file was under review – even when the computer system showed that the file had not been accessed in months or when the homeowner had already been rejected for a loan modification."
Bank of AMERICA has not had a chance to respond in court records but is expected to soon, according to reports. .
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