By Thom Hartmann
Just when we thought the big banks couldn’t hit a new low, they did.
Six former employees of Bank of America have come forward, alleging that the big bank intentionally denied eligible homeowners mortgage loan modifications, and lied to those homeowners about the status of their mortgage payments and documents.
Bank of America allegedly used these dirty tactics to lead homeowners into foreclosures and in-house loan modifications, both of which helped reap massive profits for BOA’s bottom-line.
The employees who have come forward have also said that the big bank rewarded customer service representatives with hefty cash bonuses and gift cards to popular stores when they foreclosed on homes.
According to a lawsuit filed in federal court, a Bank of America employee who placed ten or more mortgage accounts into foreclosure a month could get up to a $500 bonus.