Latest Bank of America Revelations Draw New Protests
Recently Released Documents Reveal Rampant Continuing Foreclosure Fraud
(Rochester, NY) The affidavits filed in a recent Massachusetts class action suit against Bank of America reveal that the bank has continued defrauding struggling homeowners despite the foreclosure settlement it signed in 2011 to settle the claims of those who lost their homes to fraudulent foreclosures in the wake of the economic meltdown of 2008. Bank of America had agreed to cease its fraudulent foreclosure practices and to participate in the federal Home Affordable Mortgage Program (HAMP) that was supposed to help struggling homeowners stay in their homes. Instead, bank employees routinely:
Lied to borrowers about whether their applications for mortgage modifications were complete, and removed documents from the borrower’s file to provide grounds for rejecting their applications.
Used deceptive tactics to steer borrowers away from modifications on favorable terms under the federal Home Affordable Modification Program (HAMP) and into agreements with terms that carried higher interest rates and were far more beneficial to the bank.
Rewarded employees who foreclosed on homes with cash bonuses and gift cards to retail stores.
Declined thousands of backlogged HAMP loan modification requests in a bi-weekly “blitz,” just because the documents were more than 60 months old.
Employees who challenged these bank practices were fired.
No one has faced criminal prosecution for this fraud, but a Bank of America protester in California now faces 13 years in jail for writing on the sidewalk in water-soluble chalk outside a Bank of America. Justice for all? Join the Band of Rebels to fight for economic justice!
What: Rally against Bank of America’s continuing foreclosure fraud!!
Where: Bank of America, Park Avenue and Berkeley Street
When: Monday, July 1, 2013, 12 -1 PM
Contact: Grania Marcus (917) 579-0199 Doug Noble (585) 442-3383