This one goes in the WTF! category indeed considering the recent settlement with major servicers over botched foreclosure reviews. Yves and the team at Naked Capitalism produce more interviews with Bank of America contract workers with inside knowledge of the botched reviews. It appears that Bank of America was quite busy cleaning up those files to rinse evidence of egregious abuses of borrowers. It’s simply stunning that the Department of Injustice can’t seem to bring itself to find criminal wrongdoing in this fraud fest. This is just a sample of some what was uncovered. The whole series is certainly worth reading if you are a Bank of America customer, although you may want to make sure your stomach is settled before doing so.
RG: So, like on this test I was talking about. For instance, one, we don’t know whether they ever breached them [sent the borrower proper breach letters which notify them they are delinquent and the bank will foreclose unless they take action]. Did they send them a notice to tell them they were behind, this is how much they owed, and this is where to send your payment to catch up on all your payments. We don’t know if they ever did that, because we had no legal documents ordered. Then they had to file the notice of default. Was it filed 30 days after? We don’t know because we don’t have the breach [letter]. And in a lot of cases, a lot of them, a lot of these files we couldn’t complete because we had to wait – we didn’t have breach letters in the file. And so they were all put on hold.
We would hold them and hold them and hold them. And then all of a sudden – you know, we’re waiting two and three months for these breach letters. All of a sudden one day we come in and, lo and behold, our RFI [Request for Information] team found all these breach letters. Hundreds! Hundreds of them overnight. And they all looked the exact same way. And they weren’t like the breach letters we had been seeing. They were sent to “Dear Customer.” Not “Dear Mr. and Mrs. Jones” at such and such address, it was “Dear Customer” at this address. And then there’s this, and then, you know. They were supposed to have I think seven specifics to make it a legal breach.
RG: And so whoever did it, didn’t make it. Barely. They didn’t even have five in some cases, five of the legalities. So, but, we were told, “No, these are right. Go ahead and use them.” Well, one of the managers that was there, he …. I want to say I think he came from Fannie or Freddie or something. And so we called him over, because he was a team manager, and I said, “Patrick, look at this breach.” And I said, “And the thing is is it had a Bank of America logo on it. But it’s a Countrywide loan number.” So, I mean they didn’t even do it right. And the Bank of America logo is the new Bank of America logo, not the Bank of America logo they had back in 2007.
YS: Oh my God.
RG: I know! It’s so – and Patrick took a look at it. He was pissed. He was so – you know, he was the one mana– that he did kind – he had – he was just very ethical about things, a lot like [another reviewer]. Very much like [another reviewer]. Like, no, this is – and he said, “Send that to me.” And so I did, and I don’t know what they did with it exactly, but probably a week later we were told we couldn’t use those anymore. Because we don’t know – you know, they’re missing some i– yeah. They’re missing some of the points. And which, [another reviewer] brought that up right away, coming from a law office, he said, you know, “You don’t have where to make these payments to. You’re telling them that they’re in default for this amount of money but you don’t tell them what they have to do to pay it and where to pay it to.” So, that’s when they finally – you know, but of course we brought that up right away, and of course we were told, “No, no, no,” and then a week later, “No, you can’t use it.” But they were all – and they all suddenly disappeared. All those ones were no longer out there. They could no longer be accessed.