Home > Bank of America > Gregory Mackler, Whistleblower, Says Bank Of America Defrauded HAMP

Gregory Mackler, Whistleblower, Says Bank Of America Defrauded HAMP

From Huffington Post:

The complaint unsealed Wednesday was filed by whistleblower Gregory Mackler, a Colorado resident who said he worked alongside Bank of America executives while an employee at Urban Lending Solutions, a company to which Bank of America contracted some of its HAMP work.

While working at Urban Lending, Mackler said he saw BofA and its loan servicing subsidiary, BAC Homes Loans Servicing LP, implement “business practices designed to intentionally prevent scores of eligible homeowners from becoming eligible or staying eligible for permanent HAMP modification.”

The bank and its agents routinely pretended to have lost homeowners’ documents, failed to credit payments during trial modifications and intentionally misled homeowners about their eligibility for the program, the complaint alleged.

BoA let through just enough HAMP modifications to avert suspicion and allay congressional critics, while not enough to incur any substantial losses to its own bottom line, according to the complaint.

“In other words, BoA has had it both ways. BoA has continued to maximize the value of its mortgage portfolio with anti-HAMP modification practices and managed to make money by committing fraud on homeowner,” the lawsuit said.

A lawyer for Mackler could neither confirm nor deny that the complaint was tied to the settlement. A spokesman for the U.S. attorney’s office and a representative for Bank of America declined to comment.

Read the Entire Article: Gregory Mackler, Whistleblower, Says Bank Of America Defrauded HAMP.

  1. susan leonard
    March 8, 2012 at 5:18 pm

    When will the homeowners that have been through this or are still going through this get the justice that they deserve????

  2. Helen
    March 8, 2012 at 7:46 pm

    Not soon enough, this whole mess could have been less painful for hundreds of thousands of hard working Americans if Bank of America played ball, but they never did and still don’t. Shame on them.

  3. Bonnie Cox
    March 14, 2012 at 5:35 am

    It’s ridiculous and very depressing that our whole system is turning into con artists! I recently was told that it’s in Bank of America’s best interest to string me along, by an attorney office as long as I struggle and pay my mortgage every month, even though we qualify for a loan modification and it fits the criteria. It should be a slam dunk process, and quick, income…check, hardship….check, house not able to refinance…no equity check, loan modification done. But no, Bank of America justifies their job, “notating the account for months on end under review, paying a BOA’s salary to do all this”. All that wasteful money could have been use to directly help our family stay happy together. I am just outraged that I work as hard as I do to pay my mortgage every month and what I should really probably be doing is playing rush and rullet with BOA, my odds are higher, and stop paying my mortgage. I feel like an idiot, every day I’m with my baby, my husband comes home, the second he arrives, I start working as a tutor, eating protein bars for dinner while I drive from one place to the next not eating dinner with my family, just so we can live here. I’m starting to think it’s not worth anything when I hear stories like “haven’t pay their mortgage in years, and loan modification is approved, payment dropping from $2400, to $1400 by other people”. Maybe I’m working too hard. I wish I could sue BOA for having my account under review for as long as they have with no loan modification package or answer of no at all. But then when I look at the stories on the website of how people have gotten packages and then screwed over still and the nightmare doesn’t end. My husband and I have given up on deal with them, and are trying for an FHA Streamline, in which our MIP is doubled from $158 to $316, and a total monthly payment reduction of $290 which is pennies compared to what we might get if BOA helped us and didn’t waste a bunch of money dragging out the process. In the meantime I will continue to work my butt off not eating dinner with my family, M-F, so we can live in our house and do the right thing, but not sure that this is smart. These days, you get more help if you play dead and fall of the face of the earth or just lose your house, if BOA feels like it. They have the upper hand, and God knows why the government gave them all that money for them to mess with American families heads.

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