Two ex-MBNA / Bank of America employees told CNN all about the shady business of credit sales. They were pressured to prey on customers and push dangerous credit mechanisms like cash advances on people who couldn't afford them. Particularly disturbing is the way they would give access to down payment cash to people trying to buy homes.
It's illegal to lend money to be used for a down payment, but the bank employees would dodge the rules with this spiel: "I cannot give you money to use as a down-payment on a home. However, what I can do is, I can deposit some money into your checking account, and once it's there, the funds are there, it's yours to do with what you please." Then these people would be approved for loans they couldn't afford because it appeared they had a substantial down payment. Watch the video below for full disclosure from the two now guilt-ridden ex-employees.