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(ProPublica)   BofA told employees to lie customers hoping for mortgage modifications, and rewarded employees who foreclosed   (propublica.org) divider line 84
    More: Sick, Bank of America, loan modification, lie customers, HAMP, procedure call, sworn statement  
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3656 clicks; posted to Business » on 16 Jun 2013 at 2:01 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-06-16 12:59:32 AM
This is my shocked face.
 
2013-06-16 01:06:05 AM
Public Hangings.

And it is LONG PAST time to split the banks up into TINY LITTLE PIECES.
How about a 10B market cap max or 100B in assets?
Any time you exceed that amount, you are fined 10M a day until you split into 2 or more pieces.
TADA

WTF was wrong with Glass-Steagall again?
Oh right, it prevented this kind of shiat.
 
2013-06-16 01:14:14 AM

namatad: Public Hangings.

And it is LONG PAST time to split the banks up into TINY LITTLE PIECES.
How about a 10B market cap max or 100B in assets?
Any time you exceed that amount, you are fined 10M a day until you split into 2 or more pieces.
TADA

WTF was wrong with Glass-Steagall again?
Oh right, it prevented this kind of shiat.


See, this is my objection to the "corporations are people, too" concept. They're not. Unless we can strap one to a gurney and pump it full of sodium pentothal until it stops breathing, it doesn't have any skin in the game.

I'm willing to consider proposals, though....
 
2013-06-16 01:22:59 AM

MisterTweak: namatad: Public Hangings.

And it is LONG PAST time to split the banks up into TINY LITTLE PIECES.
How about a 10B market cap max or 100B in assets?
Any time you exceed that amount, you are fined 10M a day until you split into 2 or more pieces.
TADA

WTF was wrong with Glass-Steagall again?
Oh right, it prevented this kind of shiat.

See, this is my objection to the "corporations are people, too" concept. They're not. Unless we can strap one to a gurney and pump it full of sodium pentothal until it stops breathing, it doesn't have any skin in the game.

I'm willing to consider proposals, though....


Government seizure of all assets and complete and total forfeiture to the government.
Citizen's keep their bank accounts. Companies and investors lose all assets.
WHOOPS, that whole fruits of ill gotten gains and all.
/yes, I know that this would never happen and could never work, but the FDIC strips banks from the owners all the time. Sorry, your stock in BOA is now worth ZERO. You should have been a proper stockholder and paid attention to what those farkers were up to.
/yes yes, shutthefarkup about 401ks and pensions already.
/Oh wait, no one wants to invest in your POS bank because it is too risky? imagine that!!
 
2013-06-16 01:34:22 AM
Until the big banks are broken up I don't have a moral or ethical problem with their customers trying to rip them off every chance they get. The banks don't deserve the protection of the law anymore.
 
2013-06-16 01:36:33 AM

Arthur Jumbles: Until the big banks are broken up I don't have a moral or ethical problem with their customers trying to rip them off every chance they get. The banks don't deserve the protection of the law anymore.


this
imagine a RUN on the bank?
at what point do the cops go, meh, fark em, they've had it coming.
 
2013-06-16 01:55:35 AM

MisterTweak: namatad: Public Hangings.

And it is LONG PAST time to split the banks up into TINY LITTLE PIECES.
How about a 10B market cap max or 100B in assets?
Any time you exceed that amount, you are fined 10M a day until you split into 2 or more pieces.
TADA

WTF was wrong with Glass-Steagall again?
Oh right, it prevented this kind of shiat.

See, this is my objection to the "corporations are people, too" concept. They're not. Unless we can strap one to a gurney and pump it full of sodium pentothal until it stops breathing, it doesn't have any skin in the game.

I'm willing to consider proposals, though....


What is odd with the whole, "corporations are people" thought, is that, for Originalists, it runs counter to pretty much EVERYTHING that the Founders thought of as meet and good for their grand experiment. Their experience with corporate entities was not just a passing thing, or even transitory, but a great deal of their ire with England was the collusion of The Crown with various corporations, and their entire lack of ability to even get a say, and the depth to which corporations manipulated conditions, and sold these "innovations" to their landed backers to skin and screw over the colonists who lacked any means to oppose such measures. Heck, that the TEA Party backs corporatists with such wild abandon is pretty much the exact opposite of that first Tea Party, which was an act of rebellion not just against the Crown, but their corporate partners. The Founders weren't against wealth, or the collection of property, but they were quite adamant about fairness in their markets, and allowing capital to flow back and forth, not simply in one direction--which, the colonists had a good sized experience with.
 
2013-06-16 02:00:50 AM

namatad: Public Hangings.

And it is LONG PAST time to split the banks up into TINY LITTLE PIECES.
How about a 10B market cap max or 100B in assets?
Any time you exceed that amount, you are fined 10M a day until you split into 2 or more pieces.
TADA

WTF was wrong with Glass-Steagall again?
Oh right, it prevented this kind of shiat.


Your magazine, subscribe to it I would.
 
2013-06-16 02:14:00 AM
And I bet that some folks think that BoA was the only bank doing this, and that they've stopped now ...

(heads on pikes as a warning to the others)
 
2013-06-16 02:41:34 AM
-_-  <---- my surprise. And this after all the billions in taxpayer money that was stolen from us to keep their asses in the game.

Red white and blue pitchforks and torches for everyone.
 
2013-06-16 02:44:59 AM
They literally stole people's homes. Totally looking forward to hearing about the zeroes of people will go to jail for this.
 
2013-06-16 02:55:36 AM
It's totally okay.  Free market.  The people will punish them by taking their business elsewhere.  There is no need for regulation or punishment, and things will work themselves out.
 
2013-06-16 03:05:47 AM
When a Vestal Virgin was derelict in her duties to Rome, she would be buried alive.

Bankers are just as important to our god Capitalism as the virgins were to Vesta. The world DOES need ditch diggers again.
 
2013-06-16 03:20:45 AM

MisterTweak: See, this is my objection to the "corporations are people, too" concept. They're not. Unless we can strap one to a gurney and pump it full of sodium pentothal until it stops breathing, it doesn't have any skin in the game.

I'm willing to consider proposals, though....


There's always this...
adewade.files.wordpress.com

/they take your house, you take one of their branches
//nasty things start to happen once someone realizes that they have nothing left to lose
 
2013-06-16 03:23:23 AM
its funny because if you owe bank of america 12 bucks because they processed your debits before your deposits causing an overdraft they would send a damn goon squad after you.
 
2013-06-16 03:37:42 AM
Why would a bank want to foreclose?  Can they seriously make more money / lose less money by selling the house at a lower market value than they can by modifying the existing owners' loans?
 
2013-06-16 03:56:12 AM

Myria: Why would a bank want to foreclose?  Can they seriously make more money / lose less money by selling the house at a lower market value than they can by modifying the existing owners' loans?


Yes, because they insured those foreclosures and got paid in full
 
2013-06-16 04:10:11 AM

Myria: Why would a bank want to foreclose?  Can they seriously make more money / lose less money by selling the house at a lower market value than they can by modifying the existing owners' loans?


BofA only cares about its next quarterly earnings and dividends. And $200,000 now is better than $250,000 over a 15 or 30 year streamline/refinance/modification. And since our stupid government bailed them out, they were/are able to write off and minimize their losses.
 
2013-06-16 04:14:13 AM

rewind2846: -_-  <---- my surprise. And this after all the billions in taxpayer money that was stolen from us to keep their asses in the game.

Red white and blue pitchforks and torches for everyone.


Now now, you know the REAL thieves who are ripping off taxpayers are single moms who need food stamps.
 
2013-06-16 04:51:13 AM
I'm not a great person. But I can't imagine the darkness in the souls of bankers and their minions.
 
2013-06-16 06:12:24 AM

SilentStrider: This is my shocked face.


So very tired.
 
2013-06-16 06:16:12 AM
Does it matter?

They are above the law.
 
2013-06-16 06:45:20 AM
Goddamn criminal scum, each and every one of them. These big banks are the absolute worst thing about America.
 
2013-06-16 07:14:43 AM

Myria: Why would a bank want to foreclose?  Can they seriously make more money / lose less money by selling the house at a lower market value than they can by modifying the existing owners' loans?


Because the real money is in synthetic credit derivative bullshiat cowboy gambling adventures. The foreclosures are merely a means to capitalise the afore-mentioned bullshiat cowboy gambling.
 
2013-06-16 08:00:00 AM
Leave these fine, upstanding job creators alone!

Remember, it's immigrants who have been here since infancy, and people who need food stamps to feed their families, and committed gay couples who are destroying America.
 
2013-06-16 08:09:47 AM
Break up the mega banks.
 
2013-06-16 08:14:48 AM

HMS_Blinkin: Goddamn criminal scum, each and every one of them. These big banks are the absolute worst thing about America.



"I believe that banking institutions are more dangerous to our liberties than standing armies.  Already they have raised up a moneyed aristocracy that has set the government at defiance. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs."     Thomas Jefferson

"If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered."    Thomas Jefferson
 
2013-06-16 08:26:38 AM
This isn't going to be a popular opinion, but banks don't WANT to foreclose. They want to get every cent you have JUST SHORT of foreclosing.
 
2013-06-16 08:37:45 AM
Yet Farkers think EA is the most evil company ever.

Seriously, if our government gave a shiat about us, this company would be no more and their executives in jail.
 
2013-06-16 08:54:07 AM
Just upholding the fisuciary duty to their stock holders. To Not do this would be a jailable crime, because it means they deliberately robbed their shareholders of potential income
 
2013-06-16 09:28:08 AM
BoA CEO: So you think we might have put a few people out of their homes today. That its all for naught. You've been doing that everyday for almost forty years. And if this is all for naught then so is everything out there. Its just money; its made up. Pieces of paper with pictures on it so we don't have to kill each other just to get something to eat. It's not wrong. And it's certainly no different today than its ever been. 1637, 1797, 1819, 37, 57, 84, 1901, 07, 29, 1937, 1974, 1987-Jesus, didn't that fark up me up good-92, 97, 2000 and whatever we want to call this. It's all just the same thing over and over; we can't help ourselves. And you and I can't control it, or stop it, or even slow it. Or even ever-so-slightly alter it. We just react. And we make a lot money if we get it right. And we get left by the side of the side of the road if we get it wrong. And there have always been and there always will be the same percentage of winners and losers. Happy foxes and sad sacks. Fat cats and starving dogs in this world. Yeah, there may be more of us today than there's ever been. But the percentages-they stay exactly the same.

/Jump, you farkers
 
2013-06-16 09:54:30 AM
BofA told employees to lie lay customers hoping for mortgage modifications, and rewarded employees who foreclosed

This may have had a better outcome.

/They're dumping the business in our area. I wonder why?
//Because it's not profitable any more, that's why
 
2013-06-16 10:09:50 AM

Lost Thought 00: Just upholding the fisuciary duty to their stock holders. To Not do this would be a jailable crime, because it means they deliberately robbed their shareholders of potential income


Know how I know you don't know what fiduciary duty really means?
 
2013-06-16 10:19:04 AM
I got stuck with a BoA mortgage after they bought out the company that had my original mortgage.  Refinancing with them was a total nightmare--I was asked to repeatedly send in the same documentation, sometimes three or more times.  It was going way beyond incompetence, I thought.
 
2013-06-16 10:40:28 AM
Stopped by my local Federal Credit Union Friday for routine business. There was a big sign out front advertising 30-year fixed-rate mortgages for under 3%, and 15-years for under 4%...and they never sell your mortgage. Fark BoA and the other megabanks.
 
2013-06-16 10:51:48 AM

namatad: Public Hangings.

And it is LONG PAST time to split the banks up into TINY LITTLE PIECES.
How about a 10B market cap max or 100B in assets?
Any time you exceed that amount, you are fined 10M a day until you split into 2 or more pieces.
TADA

WTF was wrong with Glass-Steagall again?
Oh right, it prevented this kind of shiat.


Hooray! Your best post ever. Nailed it, hard.
 
2013-06-16 10:54:36 AM
As somebody said in this thread:  "I'm getting really sick of all these businesses taking my life, liberty, and pursuit of happiness!"  S/h/iat was apparently being sarcastic, but what else do you call it when a corporation defrauds its customers?
 
2013-06-16 11:01:00 AM
Seriously, no one ever heard the words: CREDIT UNION ?
Wake up people........
 
2013-06-16 11:20:52 AM
What they gonna do? They gonna focus. BofA us?
 
2013-06-16 11:31:43 AM
imageshack.us
 
2013-06-16 11:38:29 AM
Is it still illegal in American to encourage people to murder Bank of America executives?
 
2013-06-16 11:50:13 AM

The Third Man: I got stuck with a BoA mortgage after they bought out the company that had my original mortgage.  Refinancing with them was a total nightmare--I was asked to repeatedly send in the same documentation, sometimes three or more times.  It was going way beyond incompetence, I thought.


But I was infromed that only government is incompetent. Business is efficient.
 
2013-06-16 11:54:33 AM

SilentStrider: This is my shocked face.



i162.photobucket.com
 
2013-06-16 12:00:29 PM

atomic-age: The Third Man: I got stuck with a BoA mortgage after they bought out the company that had my original mortgage.  Refinancing with them was a total nightmare--I was asked to repeatedly send in the same documentation, sometimes three or more times.  It was going way beyond incompetence, I thought.

But I was infromed that only government is incompetent. Business is efficient.


According to the article employees were told to tell customers that documentation was lost to delay claims. Business is efficient, efficient in making themselves money. The problem is that talent does not translate itself to being a public good.
 
2013-06-16 12:24:16 PM

The Third Man: I got stuck with a BoA mortgage after they bought out the company that had my original mortgage.  Refinancing with them was a total nightmare--I was asked to repeatedly send in the same documentation, sometimes three or more times.  It was going way beyond incompetence, I thought.


Why would you refinance with BoA again? Whyile you're at it, why not refinance with someone who can do it competently?
 
2013-06-16 12:43:13 PM
If only we had a government big enough for proper oversight.
encrypted-tbn3.gstatic.com


//See the joke is they write the laws on behest of their buddies and there exists a revolving door.

/// The more government = more lobbyists = future board membership.
 
2013-06-16 01:03:49 PM
Thank god we have the heroes of law enforcement and the military to make sure BOA is fully protected in their actions.

Let's all thank God for their heroism.
 
2013-06-16 01:05:56 PM

The Third Man: I got stuck with a BoA mortgage after they bought out the company that had my original mortgage.  Refinancing with them was a total nightmare--I was asked to repeatedly send in the same documentation, sometimes three or more times.  It was going way beyond incompetence, I thought.


likely cause: BoA was under investing in its back office. and its only going to get worse: nearly 1800 people were laid off in April from BoA's mortgage business.
 
2013-06-16 01:12:25 PM
I used to work for a rather large mortgage servicer.. This shiat doesn't shock me.. If you fax stuff to this company and forget to include a loan # (hell even if you do include a loan #) it gets put into the shredder in their modifications department.. The SPOC's (or single points of contact) will never return your calls, paperwork is botched all the time, and the management doesn't give a shiat. I had a homeowner once who was beaten black and blue by her boyfriend, and was crying to get assistance, I wanted to provide her a forbearance (and she fit all the criteria) and management reversed it stating she didn't. This bank would even call customers who weren't even late according to the terms of their agreement to harass them for payment.. I
 
2013-06-16 01:16:01 PM
How come mass shooters never kill someone who deserves it, like CEOs?
 
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