Tuesday, March 15, 2011

Bank of America accused of loan scam by employee - Yahoo! UK & Ireland Finance

Bank of America accused of loan scam by employee - Yahoo! UK & Ireland Finance: "The emails, which date from November (Berlin: NBXB.BE - news) 2010, show employees discussing removing documents from loan files for a group of about 100 properties. One of the managers raises concerns, saying that to do so will raise a 'red flag to auditors'.

The Balboa employee in one email appears to be worried after receiving an instruction to remove 'DTNs' [document tracking number] from loans made by GMAC (NYSE: GOM - news) , a large US mortgage lender.

'I'm just a little concerned about the impact this has on the department and company. Why are we removing all record of this error?' writes the Balboa employee.

In a separate correspondence, the former employee said the emails demonstrated how the Balboa was hiding information about home repossessions from auditors.

In an email message the former employee said he was 'well known throughout Bank of America' and accused the bank of choosing to 'destroy my personal career'.

'There are a lot of honest and good people working for that company, and their concerns are constantly silenced, because it's cheaper and easier to fire people and sweep their issues under the table than it is to fix the problems. Any BofA employee can tell you they are corrupt, but they won't because they need to pay their bills too.'"

Sharing information and tips to increase earnings. Increase your passive, residual income. Guest bloggers welcome.

No comments: