Saturday, June 15, 2013

BoA - We enjoy screwing our customers

Whenever people think about corporations and government working together - they always forget that with corporations - the goal is to make profits.  Their 1% shareholders want them to make profits.  To hell with the people.
The government is there to serve the people.

Over the years - while working on ALEC - I have found that
The lesson when you have the government partnering with corporations 
- the people will get screwed so the stockholders can be rewarded, because of increased corporate profits.

 This story is kinda a mix of those - the kind of stuff members of the American Legislative Exchange Council drool about when they go to bed at night - Screwing the public  - the thing ALEC members best dreams are made of
An example of the ALEC policies of
Limit government
Higher corporate profits
Screwing the public

From ALECExposed

Bank of America Member of ALEC's Commerce, Insurance and Economic Development Task Force - A BofA spokesperson told Walden Asset Management that it was cutting ties to ALEC in November 2012.

Yeh, sure.
I kinda think - based on what has happened in the last decades that BoA should have a new motto,
something like
We enjoy screwing our customers for more profit.

Two lines emphasized  by me.

By Michelle Conlin and Peter Rudegeair

June 14 (Reuters) - Six former Bank of America Corp employees have alleged that the bank deliberately denied eligible home owners loan modifications and lied to them about the status of their mortgage payments and documents.

The bank allegedly used these tactics to shepherd homeowners into foreclosure, as well as in-house loan modifications. Both yielded the bank more profits than the government-sponsored Home Affordable Modification Program, according to documents recently filed as part of a lawsuit in Massachusetts federal court.

Home Affordable Modification Program,

The testimony from the former employees also alleges the bank falsified information it gave the government, saying it had given out HAMP loan modifications when it had not.

The government created HAMP in 2009 in response to the foreclosure epidemic and to encourage banks to give homeowners loan modifications, allowing some borrowers to stay in their homes.

Service representatives were told to lie to homeowners, telling them their paperwork and payments had not been received, when in reality they had.

The former employees said they were told to falsify electronic records and string homeowners along in foreclosure as long as possible.

Once a HAMP application was delayed or rejected, Bank of America would offer an in-house alternative, charging as high as 5 percent when the loan could have been modified for 2 percent under HAMP,

BTW - Have you moved your money yet?
- I hope to god you aren't still banking with these a$$hole$ 
who have screwed your neighbors, your family and possibly even, YOU.

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