Former Bank of America employees claim homeowners ripped off customer by lying to them about their loan modifications

When literally no one likes a company, it's probably not just all in the customers' heads.

Former Bank of America workers allege it lied to home owners

The bank allegedly used these tactics [lying about status and denying modifications to qualified applicants] 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.

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.

. . .

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.

What does it take to justify making this bank cease to exist? It is not a benefit to banking, the country, the markets, or customers. Or taxpayers.

The court documents paint a picture of customer service operations where managers roamed the floor with headsets, able to listen into any call without warning. Service representatives were told to lie to homeowners, telling them their paperwork and payments had not been received, when in reality they had.