In a congressional letter dated June 18, 2013, we learn the details of how the nation’s largest servicers instructed their employees to “falsify records and delay U.S. loan assistance applications by requesting paperwork that the (bank) had already received.” Congresswoman Maxine Waters
The goal of the delay, according to a Bloomberg article https://bloom.bg/2I9j0eu, was to ensure that instead of homeowners receiving a HAMP modification, they would be foreclosed upon. Ms. Waters notes numerous studies concluding how foreclosure is often a profit center for servicers.
A quote from the article: “There were people who did everything right, and they would still get screwed over” —Daniel Ellersdorfer
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