Bloomberg News and ProPublica have the story: Bank of America gave bonuses and gift cards to employees who met quotas for putting homeowners into foreclosure, incentivizing employees to figure out inventive and illegal ways to closed accounts. It’s a story that deserves to be heard widely and will hopefully lead to criminal prosecutions so this kind of behavior can be stopped. It just goes to show how little the big banks actually care about their customers, and it renews one of the most pressing questions in our minds: Why does anyone still bank with Bank of America?
Here are few quotes from the employees who are speaking out:
“I witnessed employees and managers change and falsify information in the systems of record, and remove documents from homeowners’ files to make the account appear ineligible for a loan modification.”
“On many occasions, homeowners who did not receive the permanent modification that they were entitled to ultimately lost their homes.”
“We were told to lie to customers and claim that Bank of America had not received documents it had requested.”
“We were told that admitting that the Bank received documents ‘would open a can of worms.’”
It’s a little insane isn’t it? Incentivizing employees to hurt customers? However, it does go a little ways in explaining why so many foreclosure papers were “lost” in recent years.