BofA Employees Given Bonuses for Forcing Borrowers Into Foreclosure


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In sworn testimony, six former Bank of America employees admitted they were instructed to lie by their supervisors. They were told, “The more you delay approving loan modifications, the more money BofA will make.”  Employees were paid cash bonuses and given gift cards for forcing borrowers into foreclosure!

Click HERE for the full article on the NBC News website.

Here’s another story that talks about employees falsifying documents to keep borrowers from qualifying for loan modifications.  Bloomberg’s Story

According to the Bloomberg’s story, “Loan collectors who put at least 10 customers into foreclosure, including those who were in trial modifications, were given a $500 bonus, said Gordon, who worked at Bank of America for more than four years. Other rewards included gift cards for retailers including Target and Bed, Bath and Beyond, she said.”

The lawsuit is In Re Bank of America Home Affordable Modification Program (HAMP) Contract Litigation, 10-md-02193, U.S. District Court, District of Massachusetts (Boston).

If you want to read the affidavits, and related documents, click here:  Affidavits

If you want more information about the class action, and how it is proceeding, here is the website for the law firm, with the various class action suits they filed against Bank of America.  Law Firm