"I had no idea what I was signing," Tam Doan says of his work for Bank of America's pre-sale foreclosure department in Southern California. "Either you were in or you were out." Unlike his job at Countrywide, which he described as orderly, Doan said Bank of America's foreclosure operations were chaotic and stressful. There weren't enough people to do the job and they didn't receive the training needed to do it properly. "With the volume coming in, we were getting inundated," he said, noting his workday often lasted from 7 a.m. to 8 p.m. "We were signing documents right and left." He spent so many hours writing his name that his signature morphed into a series of four circles overlapping one another..."I shudder to think how many foreclosure documents have my name on it," he said. [CNN Money]
Bank Of America To Celebrate Only Being Liable For $40 Billion (And Counting!) Worth Of Countrywide Slip-Ups
A couple dozen more of these $1.27 billion wins and this whole thing might not look like the worst business deal in history after all!
Whistleblowing Bank Of America Quite A Bit More Lucrative Than Working For Bank Of America
Just something to keep in mind. A former Countrywide Financial Corp. manager whose fraud suit contributed to the mortgage industry’s $25 billion settlement with federal and state regulators received about $14.5 million for his efforts, his lawyers said. Kyle Lagow, an appraisal manager for Countrywide from 2004 to 2008, claimed that Countrywide inflated the value of homes to support bigger loans, according to a statement today from Seattle-based law firm Hagens Berman. Charlotte, North Carolina- based Bank of America bought Countrywide in 2008 to save it from collapse as defaults on home loans soared. Lagow’s information helped prompt a $1 billion settlement of Federal Housing Administration claims announced by Bank of America in February, according to the law firm. The sum was included in the nationwide settlement reached that month. [Bloomberg]