Documents leak exposing Bank of America fraud

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03-14-2011, 11:28 AM
Ominous Gamer

Documents leak exposing Bank of America fraud

http://news.google.com/news/more?pz=...nDNWNX61YlfWZM

Stealing this overview from Reddit

Quote:

The guy who leaked this information is a former employee of BofA. Since his firing BofA has ruined his life/credit/relationships and he will probably be in court for the rest of his life.
Bank of America made a lot of errors with their loan adjustments due to not updating and/or staying on top of things and subsequently forclosed a lot of homes that should not have been forclosed on. So the emails you see at the bottom of the page are BofA execs asking for the removal of certain DTN records from their Databases (from what i understand DTN's are like information records). The reason they are doing that is because they are being audited, and when the auditors look up the loans that should be tied to those DTN's and find that there is no existing DTN record, they will discount it as a system error and move on.
The result of this "deleting of DTN's" was some $60B worth of fraud on the part of Bank Of America in order to cover up the mistakes they made during the housing crisis.
These emails are just the first ones released, but they are clearly TO and FROM BofA execs, asking for the deletion of DTN's from the system and even a response from one exec saying, "Are you sure we can do this"??
03-14-2011, 12:24 PM
GGT

I've been watching the machinations of the big banks, as well as mortgage companies. It's still hard to believe that NO ONE from a position of power has been sent to jail.

Mozilo from Country Wide would be top of the list, in my book. Close second for BoA and Wells Fargo.

edit: forgot to add ratings agencies, saying they'd rate a cow if it came across their desk, and they hope to get rich before the whole scheme implodes. :sour:
03-14-2011, 02:56 PM
Being

Bank of America Unit Tried to Hide Foreclosure Information

It's Anonymous.

Quote:

“The following GMAC DTN’s need to have the images removed from Tracksource/Rembrandt,” an operations team manager at Balboa wrote. DTN refers to document tracking number, and Tracksource/Rembrandt is an insurance tracking system.

The response he receives: “I have spoken to my developer and she stated that we cannot remove the DTNs from Rembrandt, but she can remove the loan numbers, so the documents will not show as matched to those loans.”

According to the e-mails, approval was given to remove the loan numbers from the documents.
03-14-2011, 03:16 PM
Khendraja'aro

And that is why such bank records should be required to be available on WORM media only.
03-14-2011, 05:23 PM
Hazir

Well, I am waiting for the defender of innocent big banking to come and explain how it really were those evil home owners that we should blame for this.
03-14-2011, 05:32 PM
GGT

Quote:

Originally Posted by Hazir

Well, I am waiting for the defender of innocent big banking to come and explain how it really were those evil home owners that we should blame for this.

They'll blame the credit agencies who supplied credit reports for approving the loans. Or something. Big banks and mortgage originators are never the problem, you see. It's those damn greedy people trying to buy a home with a loan.
03-14-2011, 06:59 PM
agamemnus

It's not their fault that they weren't allowed to fail. :-)
03-14-2011, 07:06 PM
Nessus

No one in the banking industry will ever, ever have to face any repercussions for what they did in the past couple of years. Not a single one.
03-14-2011, 07:07 PM
GGT

Quote:

Originally Posted by agamemnus

It's not their fault that they weren't allowed to fail. :-)

True. They bought their position to be too big or too interconnected to fail. Are we done with AIG yet?
03-14-2011, 10:11 PM
Ziggy Stardust

Quote:

Originally Posted by Hazir

Well, I am waiting for the defender of innocent big banking to come and explain how it really were those evil home owners that we should blame for this.

A banker, a Daily Mail reader and an immigrant are sitting around a table with twelve biscuits. The banker takes eleven. He then leans forward, points at the immigrant and whispers to the Mail-reader "I'd keep your eye on him; he's after your biscuit."
-Unknown (popular joke)
03-15-2011, 12:43 AM
wiggin

Not to throw some reality on the situation or anything, but it looks like the emails released so far do not substantiate the claims made by anonymous or the jilted employee. I'm not saying there might not be some truth to them - clearly there were irregularities in how foreclosures were handled by many of the major US banks. But the emails themselves provide rather thin evidence.

We also have zero information about why the linking information between the documents was deleted. It could be to conceal fraud, but could just as easily be for another reason. Perhaps the DTNs were supposed to be proprietary or confidential but were accidentally released, so they didn't want someone (not auditors) to be able to leverage personally identifiable information out of it. Certainly we do that for medical records all the time without any intention of defrauding anyone.

I'm not saying that BoA is in the clear on this one, but the emails don't say anything. This release is only relevant in the court of public opinion, and I think BoA has already been tarred and feathered there.
03-15-2011, 01:16 AM
Dreadnaught

I've consistently said banks should have to prove ownership of mortgages whenever requested by mortgage payers or risk losing the revenue stream entirely.

But as Wiggin points out these documents don't seem to reveal much. Except that some employees of this BofA subsidiary felt under-appreciated.
03-15-2011, 03:51 AM
Lewkowski

Quote:

Originally Posted by Nessus

No one in the banking industry will ever, ever have to face any repercussions for what they did in the past couple of years. Not a single one.

That's because we bailed them out...
03-15-2011, 03:55 AM
Lewkowski

Quote:

Originally Posted by Hazir

Well, I am waiting for the defender of innocent big banking to come and explain how it really were those evil home owners that we should blame for this.

Eh? No one on this board has ever said big banking was "innocent." In fact as someone who likes blaming the homeowner for things that they are at fault for (not paying their mortgage, not looking into delaying a purchase until they are more financially secure, wrecking homes out of spite before they leave, looking for BS legal loopholes and demanding a handout from big brother ect ect) I have been most adamant that the banks should NOT have been bailed out. Far more then the liberals on the board crying out that the sky is falling if we don't give billions to BofA and Citi.
03-15-2011, 04:02 AM
Nessus

Quote:

Originally Posted by Lewkowski

That's because we bailed them out...

I don't think your grasp on causality is strong here, Obi-Wewk.
03-15-2011, 07:23 AM
agamemnus

Quote:

Originally Posted by Nessus

I don't think your grasp on causality is strong here, Obi-Wewk.

Don't trust kapitalism much?