The American Prospect – by David Dayen
Those defrauded by Bank of America aren’t allowed to file a collective complaint, thanks to a 2011 Supreme Court ruling.
In June, six former employees of Bank of America’s loan-modification department testified in court that since 2009, they had been instructed to lie to struggling homeowners, hide their financial documents, and push them into foreclosure. In the most egregious example, the employees said they were offered Target gift cards as a bonus for more foreclosures, which generated lucrative fees for the bank. The employees, who were in charge of implementing the government’s Home Affordable Modification Program (HAMP) at the bank, described the same deceptive practices across the country. Continue reading “Homeowners vs. Big Bad Banks”