Bank of America - David Tinkler - Karen Spagna - Jennifer Bone - Dwight Carlisle - Betty Watson Bank of America Racketeering - Arbitrary HELOC renewal denial followed by Fake Underwriting Process Charlotte Nationwide

Title:  Bank of America Racketeering 2015

Subtitle:  Arbitrary HELOC renewal denial followed by Fake Underwriting Process

=== Bank of America Execs Involved ====

David Tinkler,   Assistant General Counsel, Legal Department, Bank of America
Charlotte North Carolina ( NC )

Karen Spagna,   Senior Vice President ( SVP)
Home Equity Underwriting and Fulfillment Executive, Bank of America
Hartford CT ( Connecticut )

Jennifer Bone,   Senior Vice President ( SVP )
Performance Executive, Bank of America
Richmond VA ,  Glen Allen VA  ( Virginia )

Dwight Carlisle,   SVP - Fulfillment Unit Leader, Bank of America
Richmond VA  , Mechanicsville VA  ( Virginia )

Betty Watson,   VP - Team Manager
Richmond VA ( Virginia )

=== My Experience ===

BofA Execs in the mid 2000’s were originating convoluted HELOC Agreements with vague renewal clauses and other non-natural agreement terms.  In 2015 BofA arbitrarily denied Renewals during Resets to inappropriately SHOVE customers into illogical repayment periods. The result is the forced pay down of lines of credit as if they were mortgages.

At time of reset, no renewal process was offered, no home appraisals was done, and no income verification processes related to a renewal was performed.  This deviated from the standard business practics of the mid 2000s and this deviated from the promises made during the origination process during the mid 2000s.  This results in a credit line freeze and a forced payoff of a credit line via  a 15 year, non-amortizing payment.

The arbitrary decision not to renew a revolving line of credit (while they are originating more lines of credit),  creates a cash-flow boon and a real estate play for bankers at a devastating cost for citizens (BofA is not alone, every Big Bank is in on the game).  My $867 interest only payment is jumping to $2617/month.  

Many in the media and government who falsely believe a HELOC is supposed to get paid off like a mortgage (which its not) also believe that the repayment periods on these agreements is a a 20 year amortized payment.  Both of those are false beliefs, but with regards to the repayment period, principal and interest on a 20 year amortized term would be $1800/month range, so this forced pay-off is WAY more aggressive than a 20 year amortized payment, which is what most in the media and the industry are reporting as the repayment terms.  The false reporting is coming either out of ignorance or it is planted by bankers to try to mask the reality of their deviant game.

All big banks are involved in similar situations with these HELOCs. The Government knows ‘something is wrong’ and has encouraged the banks to work with customers.  Bank of America made a formal statement  indicating they were offering payment reduction programs to ease the burden for those trapped in the forced payoff period.  

I applied for the payment reduction program, and unfortunately, Bank of Amreica execs have contrived a deviant application process and nonsensical Program Guidelines enabling them to Deny all payment reduction applications.  In my case, a false denial was given with an inflated debt value.  Upon escalation, it was exposed that the ratio used to deny was related to the 15 year period which I was trying to avoid, and not the 25 year period I was applying for. Betty Watson, a BofA VP claimed the contrived Program Guidelines were of government doing. Unfortunately, she did NOT realize I had been thru a reset with PNC Bank and of a far different understanding.  I knew her story was a lie and I told her as much.   

Betty was given 24 hours to provide me the Government guidelines in writing or the name of the BofA Execs who created the fake payment reduction process.  The following day Betty recanted her claim the guidelines were govt contrived. She indicated she and others questioned the guidelines and they were told in an employee meeting the guidelines were approved by the OCC, which is far different than a government mandate.  It was never clear then if she was told to claim they were government guidelines or if they were left in limbo to defend the guidelines on their own if caught in the scam.

My false denial was elevated thru 3 BofA Vice Presidents  (Dwight Carlisle, Jennifer Bone, Karen Spagna).  Each was given the opportunity to address the arbitrary denial of a renewal as well as the fake underwriting program.  Each chose to remain silent. Eventually I was referred to David Tinkler, Assistant General Counsel for Bank of America.  After an attempted blow off, I buried david in facts related to my experience (all via email).  In return I received an offer for the payment reduction I had been denied, as long as I signed a non-disclosure agreement.   

Given this might affect as many as 750,000 Bank of America customers, and given the industry wide scam might affect 3.3 million citizens ($16-48 Billion in reduced cash circulation over next 3 years) and given the fact the offer didn’t really address all of my concerns related to convoluted HELOC agreements moving forward, I declined the offer.  My payment jumped from $900/mo to $2600/mo as of November 1, and I’m taking this opportunity to expose this deviance to the world, and I’m making it as personal for those involved as it was for me.

Each of the individuals named above was involved in a very deviant racketeering related business process.  I provided each of these individuals with the opportunity to rectify this situation for me and none had the strength to do so.  Each of these individuals chose to look out for themselves and their own jobs as opposed to outing behavior that is affecting millions of fellow citizens.  

As such, I’ve published  everything I have related to my experience online at http://bofa-racketeering-2015.weebly.com . That website includes all email dialogue, original banking agreements, bank statements, etc.  

By publishing this information, I have given each of the individuals involved in this situation the opportunity to be a whistleblower, and I’ve done the hard work for them.   Each of these individuals has an opportunity to turn a bad situation into a better one.  Now the question is simple... will they make lemonade from lemons OR will they choose to remain silent and leave a personal legacy of weakness documented online for all of the future members of their family trees to see?

Getting caught in employment situations where we are forced to make bad decisions and where we participate in things that negatively affect the lives of others is fairly common.  These kinds of situations and experiences are a natural part of life.  While participating in them is a problem, it’s what we do to rectify those situations when we get caught or become more conscious that matters most.

If I find out the individuals involved in this have become whistleblowers,  I will add that additional info to all of my publishings.  

=== Relevant info related to this post ===

--- My website related to this experience  ---

http://bofa-racketeering-2015.weebly.com

--- Similar stories of FAKE underwriting processes at Bank of America ---

http://www.propublica.org/article/bank-of-america-lied-to-homeowners-and-rewarded-foreclosures

http://www.alternet.org/corporate-accountability-and-workplace/how-does-criminal-enterprise-engaging-large-scale-fraud-and

--- Bank of America Leadership ---

Brian Moynihan , CEO and Anne Finucane, Global Chief Strategy and Marketing Officer were personally notified of this situation via email and mail. Neither took remedial action.

--- Law firms to help Whistleblowers ---

http://whistleblower.robbinsarroyo.com/
http://whistleblowerprotectionact.com/
for more search:  ‘bank whistleblower’  for more options and info...

--- US Attorney General, Prosecuting individuals for fraudulent behavior ---
http://www.nytimes.com/2015/09/10/us/politics/new-justice-dept-rules-aimed-at-prosecuting-corporate-executives.html?_r=0

http://www.usatoday.com/story/money/business/2015/09/09/justice-department-wall-street-fraud/71983152/