Bank of America Punishes Employees For Spotting Miami Mortgage Fraud

A recent story from Bnet.com, a CBS company, highlights the ridiculousness of the banking industry. In the article, the author reports that Bank of America, one of the largest banks in the world, punished its employees who spotted mortgage fraud.

Just when you thought banks couldn’t get any more evil. The same lending institutions that have denied wrongdoing and yet taken billions of dollars in bailouts in public money, are the same banks that have taken away people’s homes by using made-up documents and falsely signed paperwork.
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And now a new low — punishing employees who were honest enough to bring forward the problems going on in the company at a time when the bank had a record number of foreclosures in Miami and nationwide. This is just another reason why hiring an experienced and aggressive Miami foreclosure defense lawyer is critical if you are facing foreclosure in Miami.

Banks will stop at nothing to take away people’s homes. As the Miami Foreclosure Lawyer Blog recently reported, a Countrywide auditor was fired and recently awarded nearly $1 million in a retaliation suit after bank officials shut down her internal investigation into fraudulent actions. Shocking that Bank of America bought Countrywide in 2008. Apparently the attitude in those companies is that banks can do what they want, when they want and to whom they want.

The BNET article piggybacks on another recent article cited in the recent blog post about Countrywide firing its investigator. But it goes into more detail about the U.S. Labor Department report that resulted in the big payout for the Countrywide investigator who was doing her job in investigating internal problems.

After management got wind that the investigation into fraud was ongoing, it brought in members of the team headed by the investigator, who was an executive vice president at the time. One person was grilled for three hours by a member of the “Employee Relations” department to try to get them to say something bad about her.

After Countrywide was bought by Bank of America, she thought the investigation was dead, but Bank of America then fired her. They offered her a $230,000 severance if she would keep quiet about the fraud she discovered. She refused and was fired for “poor judgment as a leader” and “inappropriate and unprofessional behavior.”

While she since has gotten a job with a credit union, she has granted few interviews with the media, even as others have come to her defense and the government has ruled in her favor.

The scary thing about all this is just how far these banks are willing to go to protect their fraud, robo-signing and false documents in Miami foreclosure cases. They will blow through employment and whistleblower laws to get rid of people even within the walls of their buildings to keep hidden from the public the efforts they have gone to in order to defraud the American people.

If you’re battling foreclosure in Miami or the surrounding areas, contact Jacobs Keeley for a confidential appointment to discuss your rights. Call (305) 358-7991.

More Blog Entries:

Former Countrywide Employees Say Company Covered Up Fraud in Miami, U.S.: September 24, 2011
Banks Are Filing Fake Documents to Steal Away Miami Foreclosed Homes: September 16, 2011
Additional Resources:

How Bank of America Punished Its Own Employees For Ferreting Out Mortgage Fraud, by Alain Sherter, Bnet.com