Bank of America just gave ME attitude!!

It's sad how evil the BOA has become because the original founder was an idealist. He started lending out penny-loans to bums and homeless after the great San Francisco earthquake of 1907. The first "branch" of the BOA was this guy (forget his name) with a dog-eared cigar box on top of a barrel at the end of a warf dock. He was not a rich man himself, and had contemplated suicide before deciding to try to make a little money lending what he had. Because he was willing to lend to people other banks wouldn't touch with a ten-foot pole, the BOA acquired an excellent reputation among "the little guy," and most of his customers paid their loans back with proper interest due to the personal respect and gratitude they had.

Took 'em about a century to blow that rep, I guess.

The main reason the Bank of America loan officer on the phone tonight gave me for not modifying loan principle was because: If they modified my loan now, in the future, I might make a profit. They don't want ME to make a profit off of THEIR money. Or anyone else.

Think about this for a second. The B of A loan officer can't stand the idea that I could make a profit off of THEIR money.

Um....but what have they been doing for hundreds of years, but making profits off of OUR money in THEIR banks?? Like the one guy who couldn't get a 300 dollar loan for a car....they could make profit off of his 10k in the bank, and that was fine, but they didn't want to lend him 300 bucks for a car.

So....the banks can make a profit off of my money that I've been putting in checking accounts since the age of 16. But the one time I could use some help from the banks (and I stress the ONE time), they say "No....because....gasp!....you could make a profit off of OUR money in the future!"

I would like to make two main points:
The man on the phone tonight forgot that the bailout money isn't THEIR MONEY. It is TARP money....OUR MONEY... they were supposed to use to make loan modifications with.

Second....they don't play fair. They want to make a profit off of every cent we put into our checkings, savings, and CDs..., but it isn't ok for us to make a profit after paying (principle plus interest) into a house for 30 years.

Well, with that attitude, they are going to see A LOT of people walk. A LOT.

And then, they will collapse, because they did not use the money for what they were supposed to use it for....they didn't use the money to stabilize the housing crisis. They used the money for profit.

By B of A refusing to reduce my (and others) loans right now, and denying us all even the possibility of a profit in the future, they are basically guaranteeing the millions of homeowners will walk away from their homes because they now owe tons more on their homes than what they are worth. Nobody in America is going to pay in hundreds of thousands of dollars of interest into a house without the possibility of making some kind of profit off the house in the future.

Come to think of it....the ROI (return on investment) is pretty lousy for houses, I'd say.
I'll never buy again. It used to be a way to stay ahead of inflation....but not so much now.


[edit on 9-9-2009 by nikiano]

Originally posted by nikiano
Maybe you missed it, but the whole point of the "bank bailout" was to give our hard-earned tax money to the banks, so they could stabilze the housing crisis. The government knew that if the banks didn't start modifying loans, people who had good loans would start to default at some point.

Someone just started another thread with an excellent article on why they cannot use that money to bail you and other homeowners out:

A year after financial crisis, a new world order emerges
Need a loan? Tough luck: Many U.S. banks are in no condition to lend. Around 416 banks are now on a "problem list" and at risk of insolvency. Regulators already have shuttered 81 banks and thrifts this year.
The Federal Deposit Insurance Corp. reported on Aug. 27 that rising loan losses are depleting bank capital. The ratio of bank reserves to bad loans was 63.5 percent from April to June, the lowest it's been since the savings-and-loan crisis in 1991.
[snip]
A few years ago, banks fell all over themselves to offer cheap home equity loans and lines of consumer credit. No more. Even billions in government bailout dollars to spur lending haven't changed that.
"The strategy that was stated at the beginning of the year — which is that you would sustain the banking system in order that it would resume lending — hasn't worked, and it isn't going to work," said James K. Galbraith , an economist at the University of Texas at Austin .
Over the course of 2008, the nation's five largest banks reduced their consumer loans by 79 percent, real estate loans by 66 percent and commercial loans by 19 percent, according to FDIC data. A wide range of credit measures, including recent FDIC data, show that lending remains depressed.
Why? The foundation of U.S. credit expansion for the past 20 years is in ruin. Since the 1980s, banks haven't kept loans on their balance sheets; instead, they sold them into a secondary market, where they were pooled for sale to investors as securities. The process, called securitization, fueled a rapid expansion of credit to consumers and businesses. By passing their loans on to investors, banks were freed to lend more.
Today, securitization is all but dead. Investors have little appetite for risky securities. Few buyers want a security based on pools of mortgages, car loans, student loans and the like.
"The basis of revival of the system along the line of what previously existed doesn't exist. The foundation that was supposed to be there for the revival (of the economy) . . . got washed away," Galbraith said.
Unless and until securitization rebounds, it will be hard for banks to resume robust lending because they're stuck with loans on their books.

So you might as well get over the idea that the banks are sitting there with tons of spare cash to bail you and everyone else out, cause it just is not true.

Originally posted by nikiano
I just want to know.... where did all that money REALLY go, if the banks aren't lending it out?

It never existed, other then on paper…

To hell with all Banks! Just imagine if folks would just get fed up and take up a stand against the banks. Empty thier accts, rip up the stupid atm cards, credit cards and learn to live on what they make and use cash. If only 20 million would do this we could bring them to thier knees and cause them to play on our terms again like it used to be before the 70's. If people would just rip up the cards and learn to get by without using the system even. Just sayin. I ahve freinds that live on credit, I mean they must end up paying out 10 percent of what they earn on fees and interest every year. Imagine the money the people could save and use toward becoming energy independent or something more usefull than giving it away to the banksters.

Click here for more information.

reply to post by Barkster


That's an excellent idea....the only way for the middle class to rebel is to rebel with our pocket books.

The only reason I use my credit cards is for convenience...it's easier to carry a credit card than it is to carry cash. Also, it keeps my credit score up, plus, I get the bonus points, to get gift cards, etc... I always pay my balance off every month. So basically, the credit card companeis make no money off of me, and I get free gift cards every 6 months. The credit card people hate consumers like me....lol!

But, I would be happy to stop using credit cards take all my money out of savings and put it into....um....a safe in my closet?

I think that would be the only way the middle class will ever be able to rebel....to just take back our money.

[edit on 9-9-2009 by nikiano]

Originally posted by Rockpuck
reply to post by nikiano

 

[SNIP]

That's all.

Well, up until today, the country used to love poeple like me. I pay my taxes, I supported the welfare state (not voluntarily mind you, but via my tax bracket)....but now that I ask to not get screwed in this housing crisis...suddenly I am what's wrong with the country??

Do you have ANY idea how much money I've paid in taxes all these years? And I have NEVER taken any kind of government assistance. EVER. Hell, my taxes probably support 10 illegal immigrants every day.

Come to think of it, are you on government assistance of any kind? Because if so, then YOU'VE been sucking up MY money for years now. And if that's the case, then you're what's wrong with this country.

But I digress...

All I'm saying is that moral, law-abiding, middle class people with good credit histories (like myself) are now becoming severely affected by the housing crisis. And we are finally saying: I'm tired of getting screwed by the banks and the government. It's MY turn to not get screwed. It's time for me to finally stop worrying about my stupid credit score, and start asking myself: what's good for myself? Is it smart to stay in a house that is suddenly worth half it's value, while my neighborhood deteriorates all around me?

Nope...it's not.

The middle class people (like myself) with good credit are finally saying: hey, we're tired of always being the ones to always get the shaft. Maybe it's our turn to watch out for ourselves for once.

Ok, well.....thanks for the feedback everyone. Good night.


[edit on 9-9-2009 by nikiano]

Mod Edit: Removed quoted insult.

[edit on 9-9-2009 by Gemwolf]

reply to post by nikiano


You seem to be making a big decision in rather a hurry. Why not wait for a few more months and take a longer term view. Get advice from people in your area who you trust.

Do you like the area you are living in?

Would you have to pay rent to live somewhere else and would this be significantly lower than your mortgage payments?

If your mortgage payments are too high for you to cover, can you take in a room mate?

Are you absolutely sure that walking away is your only option? You have options at the moment, but as soon as you leave you can't go back.

I understand how angry you are to be disrespected by people who are supposed to be giving good customer service, but don't let your anger cloud your judgement.

reply to post by nikiano


I agree that the system is screwed and if that makes me an idiot so be it.

Most of us do what is right, pay are dues in every way imaginable...

Not only is the government half backwards but we are all just fodder for big business.

Ya we have choice, the choice to be screwed by something else. I don't have an answer
but don't fault me for pointing it out.

AND BOFA sucks, I have been screwed more times than I wish to dictate -

That is why I am bank free



[edit on 9-9-2009 by mental modulator]

reply to post by labyrinth101

I understand how angry you are to be disrespected by people who are supposed to be giving good customer service, but don't let your anger cloud your judgement.

he's not angry enough yet. not enough to answer my lowlife post.
i bet before it's all said and done. he will be right at that point at least.

Just thought of something kind of ironic.

One week after 9/11, I had a psychotic break and ended up in the psych hospital. I went through years of hell, my moods swinging, and being admitted into the hospital several more times. Yet through it all, I still managed to work, be a productive member of society, keep my credit rating high, and never once...not once....did I ever request government assistance of any kind.....even though I could have.

I was very proud of that. VERY proud of that.

And then, finally, when I got better, I was able to get a house. I took that as a sign that everything was going to be ok now, because I was finally able to work full time again, and able to afford a house. My health problems were behind me, and things were looking good.

But now, after years of paying on my loans faithfully, the one time in my life I have EVER asked for any kind of government assistance....for a loan modification....I am basically spat upon.

I have always taken pride in having good credit. In fact, some days, it was the only thing that kept me going....I could hold my head high and say "I may have bipolar disorder, but I always pay my loans/debts, I have great credit, and I've never been a burden on society."

And now....amazing.....it's not the bipolar disorder that's going to cause me to do something to ruin my credit.

Life is.... funny. It's funny that what keeps you going at one point in your life can suddenly become so insignificant in the future.



[edit on 9-9-2009 by nikiano]

Originally posted by nikiano
Just thought of something.

It's amazing....after 9/11, I had a psychotic break and ended up in the psych hospital several times. I went through years of hell, my moods swinging, and being admitted into the hospital. Yet through it all, I still managed to work, be a productive member of society, keep my credit rating high, and never once...not once....did I ever request government assistance of any kind.....even though I could have.

I was very proud of that. VERY proud of that.

And then, finally, when I got better, I was able to get a house. I took that as a sign that everything was going to be ok now, because I was finally able to work full time again, and able to afford a house.

And now, after years of paying on my loan faithfully, the one time in my life I have asked for government assistance....for a loan modification on a house that is now worth half of what I paid for it....I am basically spat upon.

I have always taken pride in having good credit. In fact, some days, it was the only thing that kept me going....I could hold my head high and say "I may have bipolar disorder, but I always pay my loans, I have great credit, and I've never been a burden on society."

And now....amazing.....it's not the bipolar disorder that's going to cause me to do something to ruin my credit.

Life is.... funny.

I think you should rest on the whole thing a while - you can't fight a smart fight when
your mind is clouded with anger. Maybe you should turn your outrage into a mission,
make the mission goal to make this right for you. Call a loan mod expert, BOFA is expecting you to give up, don't let them win, fight back and make it happen.
Sounds like you have a good foundation to fix this.

It doesn't suprise me one bit.


Bank of America is on the hook for the billions in toxic mortgage notes that they brought over from Countrywide, and there is next to zero chance that they will decrease your loan amount now that they have you by the fuzzies.

Bank of America is also jacking up interest rates on credit cards, some I have seen as high as 29.99% as a change in terms....not because of non payment or default.

"Congratulations Mr. Taxpayer....since we used your 401K money to save our asses and pay our executives millions in hidden bonuses, we will now raise your interest rate up to 30% even though you have never missed a payment!!"


Arizona is a rough state right now, I wont even attempt to write a loan in AZ or Nevada without the owner having their own appraisal done in advance. It is sad and a lot of people got hosed, but you can thank greedy realtors as well for your inflated and now deflated home value.

No way a 2 bedroom house should cost $800,000 ANYWHERE.

As for walking away, you wouldn't be the first and definitely won't be the last. If you are prepared to take the hit of having a foreclosure on your credit then sure why not. If it doesnt offend your ethics or sense of right and wrong then hell, why not walk.

Soon they will come out with a new Fannie/Freddie McBama loan to help finance all of the underqualified buyers and once again we will be right back where we started. Either that or the entire economy will collapse and you will own your house outright by default.

Good luck.

reply to post by nikiano

Life is.... funny

you are so wrong about this.life is supposed the very way you just described yourself. being a straght up guy. but who do you think the crooks are going to bend over first? other crooks? that won't be that easy.
no it's you. and i absolutly hate seeing it, reading about it, hearing it.
i feel for you bigtime. you don't even know.
don't blame it on life, when you know who's to blame.

[edit on 9-9-2009 by randyvs]

reply to post by nikiano[/i
i don't understand how these double posts happen. rare but i never see how i do it . hidden talent?

May God Bless the United States of America in our coming dark hour of need.
[/quote well said this is straight up op. if you have to walk away just do it .
things are so far gone down the road now it's not going to matter. what will matter is family. not everybody has family.but if you do. i think that's what people need to be doing these days.

[edit on 9-9-2009 by randyvs]