David Dayen: New Bank of America whistle-blower emerges: More customer abuse secrets

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David Dayen: New Bank of America whistle-blower emerges: More customer abuse secrets

David Dayen: New Bank of America whistle-blower emerges: More customer abuse secrets

Bank of America whistle-blower details latest scheme to abuse homeowners, evade settlement rules and pocket cash


Salon-

Last week, I detailed bombshell revelations from Bank of America whistle-blowers, in which former employees of the bank detailed systematic fraud and deceptive practices inside their loan modification department — including bonuses and Target gift cards for staff who racked up foreclosures.

Now, another new lawsuit, featuring a separate whistle-blower, contains additional remarkable revelations – and may shed light on Bank of America’s strategy in getting out from under the mountain of legal exposure and costs in which it now finds itself. Simply put, the bank seeks to pocket quick cash and evade practices set forth in major settlements – by cashing out of the subprime mortgage servicing business. The result would be to leave struggling homeowners back at square one, with even fewer protections to avoid foreclosure.

[SALON]

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4 Responses to “David Dayen: New Bank of America whistle-blower emerges: More customer abuse secrets”

  1. Faith says:

    Excellent post
    Thank again!

  2. Sarah says:

    Dave, this isn’t just BOA.

  3. Eugene Villarreal says:

    Waiting for OneWest Bank whistle-blowers to emerge.

  4. Bruce Rappaport says:

    Thank you for this website so I can keep up with what’s current.

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