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Bank of AmericaEditor's PicksForeclosureHAMPJP Morgan ChaseLoansmortgageMortgage CrisisMortgage FraudWall StreetWhistleblowersPolitics NewsBusiness News.

Yes, these allegations were suspected by any homeowner who ever had to deal with the bank to try to get a loan modification — but now they come from six former employees and one contractor, whose sworn statements were added last week to a civil lawsuit filed in federal court in Massachusetts.

The damning evidence would spur a series of criminal investigations of BofA executives, if we still had a rule of law in this country for Wall Street banks.

In reality, Bank of America used it as a tool, say these former employees, to squeeze as much money as possible out of struggling borrowers before eventually foreclosing on them.

Borrowers were supposed to make three trial payments before the loan modification became permanent; in actuality, many borrowers would make payments for a year or more, only to find themselves rejected for a permanent modification, and then owing the difference between the trial modification and their original payment.

These Bank of America employees offer the first glimpse into how they pulled it off. She added that the bank would hold financial documents borrowers submitted for review for at least 30 days. Theresa Terrelonge, another ex-employee, said that the company would consistently tell homeowners to resubmit information, restarting the clock on the HAMP process.

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Worse than this, Bank of America would simply throw out documents on a consistent basis. Others say that bank employees falsified records in the computer system and removed documents from homeowner files to make it look like the borrower did not qualify for a permanent modification.

Senior managers provided carrots and sticks for employees to lie to customers and push them into foreclosure.

Simone Gordon described meetings where managers created quotas day trader resume sample lower-level employees, and a bonus system for reaching those quotas. And these statements come from all over the country options silver etf ex-employees without a relationship to one another.

They also pushed people into foreclosure to collect additional fees from them. And after rejecting borrowers for HAMP modifications, they would offer an pips currency trading modification with a higher interest rate.

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This was all about profit maximization. Steven Cupples, a former underwriter at Bank of America, explained in his statement how the bank falsified records to Treasury to make it look like they granted more modifications. But Treasury never investigated. These affidavits, however, should return law enforcement to the case.

So state and federal regulators could sue Bank of America over this new criminal conduct, which post-dates the actions for which they released making money using squidoo under the main settlement.

Attorneys change selected item in dropdownlist jquery in New York and Florida have accused Bank of America of violating the terms of the settlement, but they could simply open new cases about these new deceptive practices.

They would have no shortage making money using squidoo evidence, in addition to the sworn affidavits.

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According to Theresa Terrelonge, most loan-level representatives conducted their business through email; in fact, various email communications have already been submitted under seal in the Massachusetts civil case. State Attorneys General or US Attorneys would have subpoena power to gather many more emails. And they would have very specific targets: Other executives mentioned by name include John Berens, Patricia Feltch and Rebecca Mairone now at JPMorgan Chase, and already named in a separate financial fraud case.

These are senior executives who, if this alleged conduct is true, should face criminal liability. Bank accountability activists have already seized on the revelations. These well-sourced allegations amount to an accusation of Bank of America stealing thousands of homes, and lying to the government about it. Homeowners who did everything asked of them were nevertheless pushed into foreclosure, all to fortify profits on Wall Street.

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Log out Sign in. Tuesday, Jun 18, Bank of America whistle-blowers detail horrid schemes to fleece borrowers, reward foreclosures UPDATED David Dayen Follow Skip to Comments Topics: Bank of AmericaEditor's PicksForeclosureHAMPJP Morgan ChaseLoansmortgageMortgage CrisisMortgage FraudWall StreetWhistleblowersPolitics NewsBusiness News Credit: David Dayen is a contributing writer for Salon.

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