Saturday, December 18, 2010

Be aware of predatory practises in the mortgage business

Big banks not always honourabel - Bank of America being sued
The lawsuits filed in Nevada and Arizona say the bank has continued to defraud mortgage holders through misinformation, making false promises, backing out of deals and fabricating reasons to deny a mortgage modification.

Bank of America spokesman Dan Frahm said the bank, already caught up in a nationwide controversy over allegedly fraudulently signed foreclosure documents, had hired more staff and conducted training on "homeownership retention initiatives," but former employees said the bank's efforts were duplicitous.

Court papers say that one former Bank of America employee said, "The main purpose of the training is to teach us how to get customers off the phone in less than 10 minutes."

Another said, "One time I complained to a supervisor that I felt I always was lying to borrowers."

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