Such a revelation, when coupled with the revelation that IndyMac/OneWest had "robosigners" sign at least 24,000 mortgage documents monthly, simply adds to the sea of evidence that has been stacking up against banks like IndyMac and Lehman Bros. In fact, a group of homeowners filed a class-action lawsuit against Aurora Loan Services on August 20, 2010, "claiming the mortgage company duped them into paying tens of thousands of dollars each to have troubled mortgages reviewed by the company with promises of loan modifications, only to have their property foreclosed with little or no notice." The suit stated Aurora Loan had "reaped more than $100 million" in "illicit profits" from the "scheme."
He details coming in from Countrywide through a buyout and having "inside knowledge" of portfolios transferred to Bank of America with them. He discusses what happened when a Countrywide/BAC contract was made and how he was soon sitting in the same building. The "cross pollination of customer information" (that he considers to be "shady") happened, and he thinks that should have been addressed by the government during Bank of America's buyout.
He outlines what is going on: "When you call Blockbuster, you're not talk to a Netflix rep, or when you return an item to Target, you don't get Walmart store credit, but somehow that's allowed in the banking industry. A data entry processor can be working on a loan for GMAC one minute, BofA the next and HSBC the next."
It gets better: "When you have a loss and call in to their claims department, their representatives aren't trained on the federal regulations quoted at the bottom of their emails. When you call in to Sprint, for example, you're required to verify the last four digits of your social security number, date of birth or some other type of information, but when you call in for a home or auto claim to Balboa, regardless of the lender, they will give you any loan information you ask for without you ever having to verify any personal information as long as you know either your loan number, VIN number, or property address, depending on the situation."
Another couple of emails highlight the division of labor among employees and a "prize" system. The detailing of that system reveals that "mundane tasks" are "outsourced to SPI in the Philippines and Mphasis in India." He writes, "Every day, there is a call where the execs at those companies are disputing errors" for things like errors with addresses because the "address system is different so they often don't realize that 123 N Main St is the same address as 123 Main St."
This highly anticipated release of material should have high impact throughout the day. It is not the release of material Julian Assange or WikiLeaks has been promising, but it looks like the emails will be enough to re-focus people's attention on the issue of mortgage fraud.
Unfortunately, much has come to the fore in the US on fraud but no executives from banks have faced prosecution or gone to jail.
There is little question that it has taken place. Groups or organizations have engaged in specific actions to call attention to the fraud. Arizona and Nevada have sued Bank of America for "misleading customers with 'false promises' about their eligibility for modifications on their home mortgages." And, US Uncut (a newly formed coalition of activists inspired by UK Uncut) has launched actions against Bank of America to catalyze a movement that will bring an end to the corporate tax dodging Bank of America routinely engages in.
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