cybercoma Posted June 17, 2013 Report Posted June 17, 2013 Article: http://www.reuters.com/article/2013/06/14/us-bankofamerica-mortgages-idUSBRE95D10O20130614 The gist: six former employees from Bank of America claim that the bank lied to homeowners about loan modifications and the status of their mortgages. Why did they do this? To fast-track foreclosures in order to increase their profits.People working for the banks were rewarded for their efforts. an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. But worse than that, the bank punished employees that did not meet their a priori quotas for foreclosures. Now this isn't coming from some underground conspiracy blog. This article is right from Reuters. I believe a certain member of the forum said that the banks were forced to give out loans to unqualified people. Sounds to me like the banks gave out all of these loans because they knew they could profit from foreclosing. Quote
bush_cheney2004 Posted June 17, 2013 Report Posted June 17, 2013 (edited) Good....probably helped my BoA stock when I purchased it cheap just like Warren Buffet. Banks are in business to make money, not lose money on free public housing. Edited June 17, 2013 by bush_cheney2004 Quote Economics trumps Virtue.
cybercoma Posted June 17, 2013 Author Report Posted June 17, 2013 (edited) Yes. I too believe that the free market works best when people have incomplete information and businesses lie to their customers. Edited June 17, 2013 by cybercoma Quote
bush_cheney2004 Posted June 17, 2013 Report Posted June 17, 2013 Customers in "foreclosure" are not exactly the best customers. If laws were broken, then prosecute the bank, otherwise just move along...nothing to see here. Oh...and making your mortgage payment is always a good idea to avoid foreclosure. BoA acquired Countrywide Financial and took on a boatload of junk mortgages. Quote Economics trumps Virtue.
Moonlight Graham Posted June 17, 2013 Report Posted June 17, 2013 For example, an employee who placed 10 or more accounts into foreclosure a month could get a $500 bonus. At the same time, the bank punished those who did not make the numbers or objected to its tactics with discipline, including firing. Well that's pretty f'd. When all is said and done it will be interesting to see who is held accountable for the mortgage mess, who ends up in jail (or fined), and what legislation is brought in to prevent this from happening again. Then again, I said the exact same thing about the Iraq War mess (re: lies etc.) and fart-all has been done about that. Hurray plutocracy! Quote "All generalizations are false, including this one." - Mark Twain Partisanship is a disease of the intellect.
kimmy Posted June 17, 2013 Report Posted June 17, 2013 I hope some massive class action settlement payouts put a dent in your BoA shares, Mr Cheney. -k Quote (╯°□°)╯︵ ┻━┻ Friendly forum facilitator! ┬──┬◡ﾉ(° -°ﾉ)
GostHacked Posted June 17, 2013 Report Posted June 17, 2013 A quota for foreclosures? . . . . .... Really? Does that even need to actually exist and be a thing? A quota on foreclosures? Quote
bush_cheney2004 Posted June 17, 2013 Report Posted June 17, 2013 I hope some massive class action settlement payouts put a dent in your BoA shares, Mr Cheney. Too late....I already sold them at about $10 per share for a tidy short term gain. Think of foreclosures as...ummm...financial recycling !! Quote Economics trumps Virtue.
cybercoma Posted June 17, 2013 Author Report Posted June 17, 2013 (edited) You see for bc this is just a game. It's all just meaningless numbers in accounts. Greed is good! Ain't that right, Mr. Gekko? Nevermind the actual human beings and families behind the curtain; they're meaningless details. Edited June 17, 2013 by cybercoma Quote
dre Posted June 17, 2013 Report Posted June 17, 2013 You see for bc this is just a game. It's all just meaningless numbers in accounts. Greed is good! Ain't that right, Mr. Gekko? Nevermind the actual human beings and families behind the curtain; they're meaningless details. That guy doesnt believe any of the nonsense he posts on here... hes just trolling, and its your own fault if you engage him. Quote I question things because I am human. And call no one my father who's no closer than a stranger
bush_cheney2004 Posted June 17, 2013 Report Posted June 17, 2013 You see for bc this is just a game. It's all just meaningless numbers in accounts. Greed is good! Ain't that right, Mr. Gekko? Nevermind the actual human beings and families behind the curtain; they're meaningless details. That's right...we're born into this world (if not foreclosed on by mom because of economics) with nothing and certainly no right to OPM (Other People's Money) to squander on unaffordable real estate. When did renting become such a disgrace ? Pay your mortgage...or get the hell out just like it says in the paperwork you signed at the closing. Quote Economics trumps Virtue.
cybercoma Posted June 17, 2013 Author Report Posted June 17, 2013 That guy doesnt believe any of the nonsense he posts on here... hes just trolling, and its your own fault if you engage him.youre right. I should stop. Thanks for the reminder. Quote
bush_cheney2004 Posted June 17, 2013 Report Posted June 17, 2013 What everybody knew but only the brave will admit: ....the sooner we get these distressed properties through the foreclosure pipeline, the sooner housing can begin its years-long rebound. http://www.forbes.com/sites/morganbrennan/2012/06/14/heres-why-the-new-wave-of-foreclosures-is-good-news-for-homeowners/2/ Quote Economics trumps Virtue.
ReeferMadness Posted June 17, 2013 Report Posted June 17, 2013 Article: http://www.reuters.com/article/2013/06/14/us-bankofamerica-mortgages-idUSBRE95D10O20130614 The gist: six former employees from Bank of America claim that the bank lied to homeowners about loan modifications and the status of their mortgages. Why did they do this? To fast-track foreclosures in order to increase their profits. People working for the banks were rewarded for their efforts. But worse than that, the bank punished employees that did not meet their a priori quotas for foreclosures. Now this isn't coming from some underground conspiracy blog. This article is right from Reuters. I believe a certain member of the forum said that the banks were forced to give out loans to unqualified people. Sounds to me like the banks gave out all of these loans because they knew they could profit from foreclosing. I'm shocked, shocked, that corruption is part of standard corporate business practise. :rolleyes: Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
ReeferMadness Posted June 17, 2013 Report Posted June 17, 2013 youre right. I should stop. Thanks for the reminder. this is the internet. For all anyone knows, bc is a homeless guy using a computer in a library. Whatever, he's a troll. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
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