tag:blogger.com,1999:blog-8575396221761490577.post3329040460058644207..comments2023-10-14T11:47:37.778-04:00Comments on Bank Watch: Bank of America has most collegiate credit card agreementsUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8575396221761490577.post-43771583657540468802013-12-17T18:14:25.092-05:002013-12-17T18:14:25.092-05:00Another story of BoA's criminality, dutifully ...Another story of BoA's criminality, dutifully ignored by the Observers' Bobbsey Twins:<br /><br />Why Obama's Home Affordable Modification Program Failed (Spoiler Alert: Thank Bank Of America et al)<br /><br />http://www.zerohedge.com/news/2013-12-16/why-obamas-home-affordable-modification-program-failed-spoiler-alert-thank-bank-amer<br /><br /> Bank of America stands out in a program that lawmakers and former Federal Deposit Insurance Corp. Chairman Sheila Bair have called a failure, leaving many homeowners worse off. The second-largest U.S. lender canceled more trial modifications than any mortgage firm and sent the highest percentage of rejected customers into foreclosure, Treasury data show.<br /><br /> <br /><br /> To help run its modification program, Bank of America relied on managers who had worked at Countrywide Financial Corp., the subprime lender it took over in 2008. Those executives created and enforced quotas for resolving complaints, according to the former employees. Among them was Rebecca Mairone, found liable by a federal jury in October for defrauding government-backed housing companies Fannie Mae and Freddie Mac while working at Countrywide.<br /><br /> <br /><br /> Urban Lending staff, struggling to meet those quotas, resorted to falsifying records and improperly purging complaints, the people said. They sent letters containing inaccurate statements on Office of the CEO and President stationery to lawmakers and U.S. agency officials who sought assistance on behalf of borrowers, the former employees said.<br />Garth Vaderhttps://www.blogger.com/profile/03575150785051894691noreply@blogger.com