• Report: #505328

Complaint Review: Bank of America

  • Submitted: Tue, October 06, 2009
  • Updated: Thu, March 24, 2011

  • Reported By: lipps46 — stuart Florida USA
Bank of America
[email protected] Charlotte, North Carolina United States of America
  • Phone: 8009009000
  • Web:
  • Category: Banks

Bank of America - BAC Bad. worst. poor. complaints. violations. scam, rip off, steal, take, gouge, monopoly Charlotte, North Carolina

*Consumer Comment: DOOMSDAY BUNKER POEM

*Consumer Comment: RONNY G, I ALSO HOPE THAT I'M WRONG REGARDING THE NUCLEAR ATTACKS....

*Consumer Comment: Something to consider...

*Consumer Comment: The Logic is Still Flawed Robert

*Consumer Comment: Conficting..Not..

*Consumer Comment: BofA's Conflicting Ripoff Logic

*Consumer Comment: Karl...

*Consumer Comment: RONNY G, I'LL BET I'M THE ONLY ONE ON THE PLANET THAT BELIEVES....

*Consumer Comment: Karl...

*Consumer Comment: Ronny G, I believe you stated that you....

*Consumer Comment: RONNY G, THERE HAS NEVER BEEN A 'RECESSION' WHERE THE MASSES OF PEOPLE IN THE USA WERE....

*Consumer Comment: Charles..you make some good points...

*Consumer Comment: Lipps46, If you take a long, hard, look at what transpired since July of 2007 you'll be able to....

*Consumer Comment: FORECLOSURE ALERT!!! Anyone can 'Google' this- FORECLOSURES: 'WORST THREE MONTHS OF ALL TIME', and read the....

*Author of original report: continued information

*Consumer Comment: Its not has bad like the 20th century recession

*Consumer Comment: Ronny G, Did you watch "OBAMA'S WAR" last night on the PBS station? It seems as thogh Afghanistan's government is a lot like ours, right? Both governments are CORRUPT, in...

*Consumer Comment: Welocome aboard Jeth

*Consumer Comment: Flynrider..I know you can be extra stubborn..so...

*Consumer Suggestion: contrast

*Consumer Comment: Flynrider..you are a bank DEFENDER..full blown..

*Consumer Comment: Common sense defender.

*Consumer Comment: Just a few samples..anyone can "google" this...

*Consumer Comment: You see Robert..a bank defender strikes...

*Consumer Comment: This is a bit much.

*Consumer Comment: Reply to Robert....and Karl..

*Consumer Comment: With this I agree...

*Consumer Comment: RONNY G, A PROFESSOR AT THE HARVARD BUSINESS SCHOOL SAID TO HIS CLASS OF EXECUTIVES THAT-

*Consumer Comment: Just wanted to add...

*Consumer Comment: Yes Karl I "binged"

*Consumer Comment: Ronny G, Did you 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on 'Controversy of Zion' and read the passage entitled-

*Consumer Comment: robert..I forgot to mention the "consolidation" loan..

*Consumer Comment: Response for Robert..

*Consumer Comment: Defender?

*Consumer Comment: Anyone can 'Google' this- COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS, and watch...

*Consumer Comment: Robert the "BANK DEFENDER" strikes again...

*Consumer Comment: What?

*Consumer Comment: Quote: "BANKING WAS CONCEIVED IN INIQUITY AND BORN IN SIN. IF YOU WANT TO CONTINUE TO BE SLAVES OF THE BANKERS, AND PAY THE COST OF YOUR SLAVERY, THEN....

*Consumer Comment: Can't have it both ways, Laurie.

*Consumer Comment: ITS NOT JUST BOA - ITS ALL CREDIT CARDS

*Consumer Comment: "Courtesy"?

*Consumer Comment: I'd get a lawyer

*Consumer Comment: Unreasonable expectations.

*Consumer Comment: lawsuit?

*Consumer Comment: lawsuit?

*Consumer Comment: GUESS WHAT? The American....

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Bank of America is the worst bank out there.  Poor customer skills, lack of care to its customers, and have no regard for the economy or its needs.

After having 2 credit cards with this company for 6 years without any late payments or overlimits, having had high balances that are paid down Bank of America decided to cancel the cards.

I called customer service, The first person that I spoke with could not give me a good reason why they were canceled so he transfered me to a credit analyst.

I asked her why the bank canceled the cards after such a long time. she said that I was not a credit risk, she was careful to say that multiple times, but said because I had obtained a consolidation loan on my own 2 years ago, that it caused a change in my financial makeup.

I am now paying less out and have less debt than I did in the past 4 years while still having the cards. She said that was all well and good, but she said that even though I was not a credit risk, the bank was afarid that I would not pay the bills if I was to buy something with the cards. 

Seems that they had forgotten that over 6 years I had never been late and had always paid more than the minimum due.

Both Card balances were $0 at the time I called.  They have been at $0 for over 6 months.

After 10 minutes of tyring to sort this out She became very rude on the phone and said she would not help me, that my time with her was through. She said it was costing them $200 per year to keep my account open and it had not been used for 6 months.

I asked her if I could transfer a small balance over from one of the other cards that I have, they are low balances as well, to keep the BAC cards open. She again got rude and said that I must not understand the cards are closed and she would not help me.

Unfortunatly they bought Countrywide and hold my mortgage as well. Again no late payments, no helocs etc... I am sure soon there will be more problems from them about them.

Here is the real problem. Since they have closed the account it will show as a negative mark on the credit report. This will lower my FICA score and make it even harder to get credit. They do not care

Doing research I see this is not a new issue with them. Researching the Bank of America employee underground, they are trying to cancel any credit card that they feel is not profitable enough for them, no matter the length of time with them or record.

I am considering a class action suite against Bank of America for damages resulting from the way they are canceling credit and reporting to the agencies.

We will see how this goes. Please respond with your experiences with them.


This report was posted on Ripoff Report on 10/06/2009 03:37 PM and is a permanent record located here: http://www.ripoffreport.com/r/Bank-of-America/Charlotte-North-Carolina-28255/Bank-of-America-BAC-Bad-worst-poor-complaints-violations-scam-rip-off-steal-tak-505328. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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#1 Consumer Comment

DOOMSDAY BUNKER POEM

AUTHOR: Karl - (USA)

DOOMSDAY BUNKER POEM

Cash for banker
 Cash for clunker  
   Spend their cash
 On doomsday bunker
Going fishing
 Catch a carp
  Cash for big-shots
 It's called TARP
Poem's over
 Time to hunker
  Watch T.V.
 Some Archie Bunker.

End.

Anyone can 'Google' this- DOOMSDAY BUNKER SALES RISE, and read the related articles on the web.

Thank You
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#2 Consumer Comment

RONNY G, I ALSO HOPE THAT I'M WRONG REGARDING THE NUCLEAR ATTACKS....

AUTHOR: Karl - (U.S.A.)

that could take place by flushing more & more 'terrorists' out of Afghanistan and into Pakistan where many of them are currently residing. It would be terrible if Pakistan was overthrown by the PEOPLE of Pakistan and the 'terrorists' who are there right now, wouldn't it? If that happened, then Pakistan's nuclear weapons could be used by the terrorists against other countries, right? I watched the PBS station last week & many Pakistani people were out on the streets and had picket signs telling America to GO!!! (Go away!) The people of Pakistan are MAD!!! They want America to GET OUT of the area. The way I see it, it's as if somebody in America wants some type of an event to take place. I hope I'm wrong.

Any type of a nuclear attack would most likely trigger the collapse of ALL economies in the world, wouldn't you agree? The rest of American's retirements, 401K's, IRA's, Pensions, & other investments, would probably be gone in an instant if that happened, correct? The only money that would be safe would be money that people had in an FDIC insured bank, right? I hope there's never a nuclear attack by anyone ever again. Millions of people would most likely die as a result, & billions might die as a result of radiation poisoning & starvation in the months and years that followed, wouldn't you agree?

I hope I'm wrong, and I hope that the vision I saw when I was hiking in the mountains that day is wrong too. Maybe by posting it here on the worldwide web it will PREVENT that from ever happening. I hope you 'Googled' this- THE WARNING: FRONTLINE PBS, and watched it on the web.

P.S. 'BROOKSLEY BORN POEM' is available in the comments section. Watch that FRONTLINE documentary, & then read the poem about her poem, okay?

Thank You.


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#3 Consumer Comment

Something to consider...

AUTHOR: Ronny g - (USA)

We know the banks were bailed out with billions of dollars in TARP funds.

So..was the intent of bailing out the banks to cancel credit cards...and in exchange use "overdraft" protection as a credit line substitute?

I mean I can see the banks side...four digit interest rates in event of an overdraft...all those fees in the banks pockets...and no more credit cards...

That ought to help "stimulate" the economy...from recession to depression..thank you again banks. Good to know they are now going after those with perfect credit histories as well, and causing them to have a lower FICO scores as a bonus. Thank you again banks..thank you very much. See you in court.
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#4 Consumer Comment

The Logic is Still Flawed Robert

AUTHOR: Edward - (U.S.A.)

Just a few quick points and you'll be pleasantly surprised. First of all, how do you know I'm not quivering in my boots at the thought of someone responding and once again proving me for the fraud that I am with all of my flawed logic and harmful advice? As has been told to me before by many a 'bank defender'. I digress.

You actually made a very good point. I hadn't looked at it like the bank lending their money in advance as a credit line, which they have every right to revoke at any time. You're right, except for one other little problem. How does it make sense for BofA to turn right around and then give this same customer another $1,000 credit line, but in the form of mandatory OD protection? I already explained the difference in my previous post. Annual Percentage Rate. I know this is not a part of this report, but if this OP is a BofA checking customer, you can be sure they have it, like all of BofA's customers.

By mandatory, I didn't mean the customer is forced to use the OD protection, but it is required to be setup on the account. And if a customer is not aware, since they didn't request or consent to it, and thinks their card will stop working at zero balance, they may inadvertently trigger it. That takes me to the other advice given by the 'bank defenders'. Simply stop using the debit card and only use your Credit Card for everything. Whoops! Sorry for the OP, who has no more Credit Cards in spite of the impeccable payment history. The same is true for millions of other customers whose Credit Cards are being canceled as fast as they're being auto-enrolled into mandatory overdraft protection. I wasn't questioning BofA's right to cancel the CC. I'm questioning their logic of giving that same customer another credit line in a different form. You know, since they're so concerned about them being a credit risk, and all.

This post is for informational purposes only, for the record. Regarding the information presented in this post, by all means, anyone please feel free to respond but in no way feel obligated to respond.

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#5 Consumer Comment

Conficting..Not..

AUTHOR: Robert - (U.S.A.)

Okay Edward I am sure you were just waiting with baited breath for someone to try and answer this.  While I feel that this will only make sense to the other "bank defenders", I figure I would give it a try.  Hopefully you can get something out of it.

First Credit Cards and Checking Accounts are totally different, covered by different regulations.  As you(I believe) like to say that is like comparing Apples and Oranges.

Canceling the credit card.  Once again you have to remember that this is NOT the card holders money.  It is the bank's money that they have agreed to allow the person to borrow.  As part of that agreement, the bank is allowed to take that privilege away at any time and for any reason.  If you don't like it then don't get ANY credit cards.  I'd have to refer you back to a much earlier post, where I could agree that it was perhaps bad customer service to not notify them in advance.  However, the other terms they used such as "stole" and "monopoly" defiantly do not apply.

Think of it this way.  Say you loan a good friend $1000 and they pay it back to you on-time.  Do you want to be FORCED to loan them another $1000 because you have loaned them money in the past?  Would you then want to be accused of stealing their money because you wouldn't lend them another $1000.

Okay that was the Apples, let's go to the Oranges, even though I did not see anything about this in the OP or the update.  Overdraft protection is NOT a credit line.  It is not and was never meant to be a "short term loan", regardless of how "responsible" ;-) someone thinks it is.  Again Checking accounts are covered under an entirely different set of regulations. 

In closing let's talk about conflicting logic.

The customer still has a credit line they can use, if they so choose. Except now that credit line is mandatory Overdraft Protection with

So this is MANDATORY only IF THEY CHOOSE to use it..Ummm.  So just how would they choose to use it?  I think we all know the answers to that one.

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#6 Consumer Comment

BofA's Conflicting Ripoff Logic

AUTHOR: Edward - (U.S.A.)

Ronny G, you took the bait. After being craftily lured by the bank employee in disguise, you have conveniently left the real fight, to go offer your assistance with the nuclear arms race, which was the whole intent. Mission Accomplished, as I've been trying to tell you.

Let me see if I can steer this vehicle back on its proper course. Please also note this is my first post on this thread. If you go back and read the ** ORIGINAL POST **, can someone please explain this logic to me?

You have a long time, loyal 6 year customer with an impeccable payment history, never being late. And you're going to cancel both CREDIT LINES to this customer because of 'worries' of them being a credit risk. And at the same time, you're not only going to offer them Overdraft Protection, you're going to FORCE them to add it to their checking account.

The end result? The customer still has a credit line they can use, if they so choose. Except now that credit line is mandatory Overdraft Protection with, let's just say a slightly higher annual percentage rate than their original credit lines on their impeccably maintained credit cards.

That my friends is the ripoff here. As we steer this ship back on course.

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#7 Consumer Comment

Karl...

AUTHOR: Ronny g - (USA)

Well I don't want to pass judgment on you to the point of calling you crazy...but your "premonition" or prediction of the economy collapsing did not exactly take a Nostradamus to foresee.

However..your "vision" of a nuclear attack is subjective..I think anyone who reads and watches the news understands there are nukes or could be nukes in the wrong hands. I can't add any credence to your nuke attack vision solely based on your prediction of the current economic collapse..but regardless in this case, lets all hope you are wrong.
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#8 Consumer Comment

RONNY G, I'LL BET I'M THE ONLY ONE ON THE PLANET THAT BELIEVES....

AUTHOR: Karl - (U.S.A.)

that we're in Afghanistan to PROVOKE a nuclear attack by the 'terrorists'. Here's what I believe: I believe that our economy, & other economies are going to COLLAPSE, even though there's been plenty of 'stimulus' money & 'bail-out' money injected into our economy & others. I believe the amount of money that's really needed to keep things afloat is in the TENS of TRILLIONS of dollars. So the ones who created the mess, in my opinion, don't want to take all the BLAME for what's happened. And in order for them NOT to take all the blame, they need an event to take place that could DESTROY all economies.


That event could be a NUCLEAR EVENT. If the ones who hate America, & many other parts of the world, were able to get into Pakistan and take over that country, they'd have access to NUCLEAR WEAPONS. According to many reports, Pakistan has about 100 nuclear weapons. If those nuclear weapons were used to target any of our allies in that area of the world it would be a CATASTROPHIC event, wouldn't you agree? It would also result in the TOTAL COLLAPSE of ALL ECONOMIES.



Guess what? The BLAME for the COLLAPSE of all economies could then be put on the 'terrorists', right? I know what you're thinking right now. You're thinking this- "Karl is CRAZY!" And that's exactly what many people thought when I kept saying that the U.S. economy was going to COLLAPSE back in 2007.



Ronny G, I already saw the NUCLEAR BLASTS in 2006. It came to me in a vision when I was hiking in the mountains of Colorado. I wrote it down, and later wrote a letter to someone on 2-11-2007. I mailed it to him. He has the original, and I have the only copy. The man I mailed it to has a poem written about him at Susan's Ripoff Report, entitled- "BANK OF AMERICA WHEN IS "PAYMENT DUE DATE" NOT A DUE DATE?" That report can't be accessed in a 'Google' search, for some reason. Susan submitted it on March 9th 2009, & it was Updated later in May, I believe. You can scroll back and read her Ripoff Report, if you'd like.



*I hope I'm wrong, and I hope that the vision I saw when I was hiking is wrong too! But I'm not taking anything for granted anymore. I don't trust ANYONE in this country! And I'll never trust anyone again. I'll only trust what is REALLY TAKING PLACE. And what's TAKING PLACE in the Middle East leads me to believe that I'm right, again.



Good luck to you.
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#9 Consumer Comment

Karl...

AUTHOR: Ronny g - (USA)

I don't feel right devoting much of this posters complaint space discussing politics with you. But I will state for the record..I did Vote for Ron Paul...and briefly list the reasons..

1) He understands we are in some deep s**t if we keep printing money to cover national debt..we are de-valuating the dollar at an alarming rate..and no longer use gold or anything but our "word" to back up our currency. If our "word" ever becomes worthless..what does eveyone think is going to happen to our currency..and our economy.

2) He thinks all these wars and hostile takeovers in the middle east were stupid..and unnecessary..I agree with that..and also believe these attacks we are doing are costing not only too much in money..not only increasing any threat to this country..but costing way to much in lives. And when they realized they could not even find a pea shooter in Iraq..that perhaps we should have said "oops"..and got out of there. Not to mention we attacked a country that did not pose a threat to us...we brought this whole mess on ourselves. The 9/11 attacks were done by Radical Islamic fundamentalists..not any "Country"..so how does Bush and Obama see the attacks as an act of war? Don't ask me or Ron Paul.

3) Abolish the IRS...end the Fed....need we say more.

It's in the voters hands if we are to achieve any real "change"...baby steps Karl..baby steps.


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#10 Consumer Comment

Ronny G, I believe you stated that you....

AUTHOR: Karl - (U.S.A.)

voted for Ron Paul, correct? Did you see Ron Paul being interviewed by Aaron Russo in the documentary entitled- 'America: Freedom To Fascism'? If not, simply 'Google' this- AMERICA: FREEDOM TO FASCISM, and watch it on the web. That documentary was done before the 'MELTDOWN' of the U.S. economy, wasn't it?

It's very interesting that many people in America want to turn their heads & "look away" from what HAPPENED in our country in just the past year and a half, and many want to believe that things will get better without doing much to change what's still at the 'root' of all our problems in this country, wouldn't you agree?

*Ronny G, Do YOU believe that the FRAUD, DECEPTION, MANIPULATION, GREED, LIES, TRICKERY, & DEEP CORRUPTION, are no longer there in our economy & in our government? I'm not saying that the entire government is corrupt, but if the government continues to protect & support the CORRUPT corporate system, then isn't it safe to assume that things won't change for the better? Ron Paul isn't a 'supporter' of the FED, right? WHY IS THAT? Let me know your thoughts, okay?

Have a nice evening.
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#11 Consumer Comment

RONNY G, THERE HAS NEVER BEEN A 'RECESSION' WHERE THE MASSES OF PEOPLE IN THE USA WERE....

AUTHOR: Karl - (U.S.A.)

TRICKED & SCAMMED BY THE SYSTEM WHICH CONTROLS MOST OF THE ECONOMY IN THE USA, known as the BANKING INDUSTRY.


The ones who lowered the rate to 1% back in 2003 either KNEW what the outcome would be, or they didn't know what the outcome would be, correct? 



*If they didn't know what the outcome would be, then they have NO BUSINESS being in control of the MONEY & the KEY INTEREST RATE anymore, wouldn't you NOW agree? And if they DID KNOW (which I believe to be true), then they should be put on trial for CRIMES AGAINST HUMANITY, right? Some 'terrorists' blow-up buildings, other people, & even themselves. And other 'terrorists' blow-up ECONOMIES.



'terrorist' (definition) - an appalling person, or thing.



Quote: "Only a pawn in their game." - Dylan



END THE FED!!!
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#12 Consumer Comment

Charles..you make some good points...

AUTHOR: Ronny g - (USA)

However are you comparing the current recession to the great depression of the 1930's? Because if so..I would agree. But as far as recessions of the 20th century go..this one is pretty bad statistically. Now I am too young to remember a worse time..so I can only judge by what I experience and witness...and statistics.

However, I was very close with my Great Grandmother before she died..and helped her write a biography..and learned a lot about the great depression from her. Stories of an entire apartment building in NYC having to share one chicken for sustenance..stories like that. So yes..compared to that..we are very blessed. As hard as times are..there is opportunity if you have a lot of motivation..and a little bit of luck..and yes, I have food and clean water so i can't compare it to my Great grandmothers experiences.

Now I am not an economist..but I can read..so here is an excerpt of an article pasted from CNN Financial news...

Even though it may seem obvious to most that this is the worst downturn since the Great Depression, the economy has experienced other serious recessions in the past, particularly in the mid-1970s and early 1980s.

But this recession dwarfs those two for several reasons.

In terms of length, the longest post-Depression economic decline was 16 months, which occurred in both the 1973-75 and 1981-82 recessions. This recession began in December 2007, which means that it will enter its 17th month next Wednesday.

The current recession is also more widespread than any other since the Depression. The Federal Reserve's readings show that 86% of industries have cut back production since November, the most widespread reduction in the 42 years the Fed has tracked this figure.

What's more, every state reported an increase in unemployment this past December, the first time that has happened in the 32 years that records for unemployment in each state have been kept.




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#13 Consumer Comment

Lipps46, If you take a long, hard, look at what transpired since July of 2007 you'll be able to....

AUTHOR: Karl - (U.S.A.)

see what's REALLY happening. In July of 2007, Countrywide started to show the signs of a COLLAPSE that was soon to follow. Countrywide's stock was around $45 a share in the period of July of 2007. Then the problems started to be revealed at Countrywide. They were in DEEP trouble. Foreclosures were taking place at alarming rates. So Bank of America, for some odd reason, decided to buy Countrywide. (I believe it was a FORCED sale by the Federal Reserve & others.)

Then all through 2008 the BIG problems in our economy were being exposed. Later in the year, Merrill Lynch was having severe problems too and was eventually purchased by Bank of America. (I believe that the Federal Reserve & others FORCED this transaction also.) So now Bank of America has taken on TWO TOXIC companies, right? That's WHY so many customers of Bank of America saw their interest rates spike on their credit cards & also saw their available balances lowered, wouldn't you agree? How could BofA keep operating as before if they've now taken on TWO TOXIC companies? That's one of the reasons there was an emergency meeting to acquire $700 BILLION from Congress, in my opinion. That money was SUPPOSED to buy 'TOXIC ASSETS' (foreclosed homes), but it was injected into the BIG banks to PREVENT another DEPRESSION.

What most people don't realize is this: the stock market crash in 1929 didn't cause the 'Great Depression'. It created a severe recession. It was the FAILURE of a large bank, & other banks in Europe that caused the 'Great Depression', according to Ben Bernanke, who stated this at a Town Hall Meeting a few months back.

*Here's what I believe REALLY happened in the USA over the past several years: In 2003 the rate was lowered by the FED to 1%. This allowed "creative" forms of financing to flourish in the mortgage market and home sales SKYROCKETED. Car sales skyrocketed too because of low interest rates. However, we now know that this was only a temporary surge in the sales of homes & cars because once the rates started to adjust, many home-owners couldn't make their NEW PAYMENTS, right? And keep in mind, millions of people didn't buy a home, instead they RE-FI'ed and pulled out some of the equity that they had to buy cars & other things. But the ones on Wall Street were BENEFITTING tremendously because they were being paid HUGE BONUSES and stock options, etc. Stocks were at ALL-TIME highs and that resulted in many people becoming wealthy & even SUPER-WEALTHY, correct? But it was only a temporary boom, wasn't it?

Now the American people (TAXPAYERS) are 'bailing-out' Wall Street and MILLIONS of Americans lost their homes, their jobs, their retirement accounts, etc. In my opinion, there were some people who wanted to 'steal' Americans money, & other people's money that was invested in the stock market, which is also in the form of 401K's & IRA's. But they couldn't just steal it. So they created an artificial BOOM where everything was going great, for a while, and they STOLE the money without really 'stealing' it, do you understand? By paying themselves huge bonuses, stock options, & cashing-in these stock options it resulted in many people becoming SUPER-WEALTHY at the expense of all Americans, & even other countries who had money invested in the stock market in the USA.

It was a BRILLIANT scheme that worked, in my opinion. And the ones who created the scheme will never be prosecuted because they can say that the ones who signed all of those mortgages (ARM's & Interest Only Mortgages) did it to themselves, right? And the ones who kept investing in the market, & in those mortgages did it to themselves also, right? No one held a gun to anyone's head & forced them to sign those mortgages & no one forced people, or other countries to invest in the stock market, but we NOW know that there was a lot of 'hanky-panky' going on, correct? Simply 'Google' this- COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS, and watch it on the web. Then 'Google' this- CAR SALES: TRICKS OF THE TRADE- CONSUMER ALERT, and watch that too. The two BIGGEST purchases that most Americans make in their lifetime are a house & a car, right? BANKING is necessary for both purchases for just about everyone, correct?

The BANKERS won, & the people lost! It's that simple.

"Only a pawn in their game." - Dylan
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#14 Consumer Comment

FORECLOSURE ALERT!!! Anyone can 'Google' this- FORECLOSURES: 'WORST THREE MONTHS OF ALL TIME', and read the....

AUTHOR: Karl - (U.S.A.)

CNNMoney.com article, correct? 

Question: If the July through September foreclosure rate was at an all-time high, and unemployment was reported to be at 9.8%, how could anyone believe that the USA is in a 'recovery'? Keep in mind, according to a report on the 'McGlaughlin Group' earlier this year there was a $5.32 TRILLION taxpayer outlay from March 2008 to March 2009. If TAXPAYER'S money hadn't been injected into the system (Wall Street), where do you think we'd be right now?

It's AMAZING that the Wall Street bankers and the other Wall Street executives will be paying themselves a reported $140 BILLION in bonuses & compensation this year. That's $10 BILLION more than in 2007, according to a report this morning. It just PROVES that FRAUD, DECEPTION, MANIPULATION, LIES, & GREED are rewarded in America, correct?

*The PEOPLE of America (TAXPAYERS) are basically supporting the BIGGEST Ponzi scheme in the history of the WORLD, wouldn't you now agree? 'Google' this- PONZI SCHEME, and read all about it at the Wikipedia site.

WELCOME TO AMERICA- ONE GIANT PONZI SCHEME!
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#15 Author of original report

continued information

AUTHOR: lipps46 - (USA)

I appreciate everyone input on this matter, including those that seem to support the banks position.

Let me first start by saying that Yes this action by BAC Bank of America did do damage to my credit.

By canceling the credit and reporting to the agencies it decreased the FICO score - sorry for the spelling earlier

I am made to suffer a decrease in my credit scores because the Bank of America would like to eliminate persons that they feel are not creditworthy.

What they could have done is to send a letter stating the cards would be canceled and to please contact them. This would have given me the option of canceling them myself so it would not affect the score as much.

1 week after they decided to cancel my cards I got the form letter from them that stated "proactive arpproach to credit review" "closed accounts"  "currently owe sufficient amounts on your revolving accounts" "no longet extend credit" To sum it up.

Keep in mind that my revolving account balance is actually lower than it has been over the past 3 years. I have a total of 4 other credit cards. Only 2 have a balance.

I have 2 mortgages with BAC Bank of America (started with Countrywide) one a rental property that is actually making money. I have never been late on either payments.

 I have a steady job and have been in the same field, for 16 years with steady salary increases each year.

Regarding the Consolidation loan. It was a signature loan used to consolidate my credit cards. I took the debt that was at 18% and reduced it to 6%. This loan is in good standing and is decreasing quite fast.

During the time I got the signature consolidation loan, I also paid off several other debts. Doing so reduced my total monthly payouts by $500.

To be fair I did have 2 purchaces that had to go on credit, one a boat, another a new solar panel pool heating system for my primary home. Still with these payments and debt my payments are $300 per month lower than what they were prior to the purchases, and the total balances of all revolving accounts is lower than it has been over the past 3 years.

What upsets me about this whole thing is how I was treated by them. Several times I have talked with them over the years, I was always called, "a valued customer", "great to have you with us", etc... and then without notice, I am no longer valued by them, even though they still hold 2 or my mortgages.  I was treated very rude by their staff when I called them to question why the cards were canceled.

Now how do you think I feel about them holding my home notes ?????

Prior to all this (several months earlier)  I called them and asked what could be done to refinance my home. Not because I was late or having troubles, but to get a lower rate. My current rate is 6.2 percent. Isnt that what a responsible consumer is supposed to do. Find ways to reduce debt?

They told me they could not help. That even though I was at 81% loan to appraised value on paper, my home was actually worth less than what it would appraise at. They quoted 60,000 less than the average appraisal in the neighborhood. They also said because of this they would not take off the PMI when it hits the 80% mark very soon.

They said that if I wanted that to be done (take off the pmi) then I needed to send them $375 to get and appraisal on the property, and then there is no guarantee that they would agree with the stated value of the appraiser. But thats a whole other issue with them.

I have had it with them.  I shouldnt have to be treated like dirt by them. I understand that they can decide to do what ever they want to do with their credit cards. Thats their option. But as for me....

Now I Have A Few Ideas What They Can Do With Them.

 

 

 

 

 

 

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#16 Consumer Comment

Its not has bad like the 20th century recession

AUTHOR: Charles - (USA)

The economy Is pretty bad but not like,  how It was In the.   But It wasn't as bad like the last recession.   I heard on t.v..  People should be thankful to have a roof over their head,   like I am.

We should be thankful we have the internet,  so we can moan & b***h.   We still have It alot better then the people who are living across the oceans.   We have fresh drinking water.

Its the little things people take for granted,   we are very blessed.   To be born In the united states.   But lots of people aren't grateful.   I used to be like that.

Until I started being thankful for the fresh & clean water,   I get to drink everyday.   And started being thankful for every little thing.

Just be thankful for what you have during,  these bad times.   I bet some homeless people are wishing,  they had beein for thankful & blessed.   Besides being bitter & angry.

I had to get over that,  & I have started being thankful for everything I have.   Like fresh water to drink everyday.

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#17 Consumer Comment

Ronny G, Did you watch "OBAMA'S WAR" last night on the PBS station? It seems as thogh Afghanistan's government is a lot like ours, right? Both governments are CORRUPT, in...

AUTHOR: Karl - (U.S.A.)

many ways, wouldn't you agree? Simply take a look at how the U.S. government is handing over HUNDREDS of BILLIONS of dollars in TAXPAYER'S money to CORRUPT companies in order to keep them afloat! I'm sure you've already 'Googled' this- COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS, and watched it. Countrywide was one of the largest providers of mortgages in the USA, & now it is owned by Bank of America, correct?

And we all know that Bank of America purchased Merrill Lynch too, right? I'm certain you already 'Googled' this- FRONTLINE BREAKING THE BANK, and watched that documentary also, right? Our government IS supporting companies whose 'way' of doing business is CORRUPT & UNETHICAL, wouldn't you agree? Heck, the government bailed-out AIG with well over $100 BILLION in TAXPAYER'S money, didn't they?  I'm sure you alreday 'Googled' this- FIVE FORMER INSURANCE EXECS FOUND GUILTY OF FRAUD, and read that article, correct? Take a look at h*o was mentioned, and look at the date! Well BEFORE the 'bail-out' of AIG, right? FRAUD & CORRUPTION was most likely taking place for years at AIG, wouldn't you now agree?

It's too bad that most Americans can't see this, huh? In the documentary entitled- "Obama's War" it was mentioned that the Taliban is against all the CORRUPTION in the Afghanistan government, right? The people in Afghanistan can't trust their own government because of all the CORRUPTION, correct? And many of the people in America don't trust a government that keeps SUPPORTING the companies who continue in their CORRUPT, DECEPTIVE, & MANIPULATIVE 'ways' of doing business, right?

I think that all of our politicians, except a few like Ron Paul and a couple of others, should head over to Afghanistan and join that country's government, don't you? They'd make a PERFECT match, wouldn't they?

Have a nice day, & don't forget to 'Google' this- OBAMA'S WAR: FRONTLINE PBS, and watch it on the web, if you missed it last night.

P.S. There is NO WAY that anyone could ever 'WIN' that war in Afghanistan, in my opinion. It'll turn out to be much WORSE, & much more expensive than what happened in Viet Nam. Just watch!

*SUPPORT OUR TROOPS IN THE MIDDLE EAST BY BRINGING ALL OF THEM BACK RIGHT NOW!!!

'Google' all of the following & watch them on the web-

THE OBAMA DECEPTION

INSIDE THE MELTDOWN

AMERICA: FREEDOM TO FASCISM

THE ASCENT OF MONEY PBS

9/11 PRESS FOR TRUTH

9/11 BLUEPRINT FOR TRUTH

OBAMA'S WAR

Thank You.
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#18 Consumer Comment

Welocome aboard Jeth

AUTHOR: Ronny g - (USA)

I am not the original poster...but I do commend you on leaving a respectful reply..with very good advice. I only hope you report back when B of A either raises your interest rates..or closes the VISA card altogether..as they have done to many here for little reason. But best of luck..you seem very sincere and appear to be a good honest hardworking American..God bless.

I am much much younger then you...and I am completely debt free. I don't even have a car payment. I have one unsecured credit card that has not changed my rates or lowered my limit..yet..I use it and pay off regularly to maintain a credit rating. I have a debit card from 2 banks..and one Paypal VISA for my home based ebay business.

I learned pretty early in life NOT to be shackled and chained with debt...I own my things..they do not own me..and that's how I will keep it until my dying day if all goes well.

The economy is in sad shape..I have never in my life seen anything like this. Almost everyone I know is suffering from it one way or the other. The last thing we need is to lose faith in our Government..our financial institutions..and our economy overall..and ALL those 3 have been letting us down. The fees these banks are charging are literally taking much needed money out of circulation where it can help..and that bothers me almost has much as the hardship it is causing so many who simply made a mistake..or were unaware of the banks policies and tactics...hopefully the changes that are coming will give the lower income and working class a fair chance..after all they footed quite a large portion of the "loan"  to save many of these banks with their tax dollars for the TARP bailout..wouldn't you agree?

And I agree with you to wait until purchasing a house..we may not have hit bottom yet..I don't care what some "economists" say..who are more often wrong then not..anyone with a brain can see the signs.


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#19 Consumer Comment

Flynrider..I know you can be extra stubborn..so...

AUTHOR: Ronny g - (USA)

Lets get the "specifics" out of the way to avoid this turning into an endless debate..well all I can do is try...

Here is exactly what I posted about my friend copied and pasted..

"Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help."

Now I can understand that you can take this statement has if i am placing the blame on the bank..for my friend buying a house that needed some work and had hidden and undisclosed damages etc...The last sentence of the statement sums it up..it "would" have been a big help if an inspection was done before the mortgage was approved.

Now as I stated before..and there is no argument that my friend was ignorant and knows he was a fault for just about every detail in the purchase. Although the house has some problems..it is a very nice house in great neighborhood..and the houses were selling in the area not too long ago in the $600's.so when the bank approved the mortgage..well he was like a little kid who found candy.

I was over the house when he was telling me about some problems that were coming up. I asked him "didn't you have an inspection done?" He told me no. I asked him how on earth was the mortgage approved then? You know it's a law..the last owners can't sell it without an inspection..what bank would do this?

I asked to see all the documentation...and in the documentation..was an inspection report. I asked him if he signed this and he said no. But it was signed.

Without getting into too much detail about this specific case....and he is going for some recourse...seems the last owner..who was actually the agent as well...is no where to be found....hmmm...

Now normally I would not hold the bank or banker responsible in any way IF they were unaware of the forged documents..but supposedly the banker and this "agent" were friends...and this whole deal was not done in a bank office..but the documentations look like bank documents to me..we will see where this goes.

Bottom line..this house was sold without an inspection..not legal my friend unless the house is purchased "as-is" and paid with cash. Do your homework.
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#20 Consumer Suggestion

contrast

AUTHOR: jtgh - (USA)

hello,
I am a happy BofA Customer, since 1991 here and long before that.
The credit industry is retracting and taking many steps.
Sorry these steps, hurt you.

but I had 4 cards.  and all but BOF VISA , tripled my interest rates.
I had 7.9% cards.  I have a top credit score. 

BofA did not limit my card ,nor do I hold a balance.

I never barrow money unless it is an emergency. 
I learned 40 years ago , I can not barrow my way to prosperity.

The contraction is heavy.
They are dopping holders in lower sector , and increasing fee's and interest.
It is not your fault but theirs for loaning money to people that have no jobs, income, savings or real assets. (not saying that is you , but in general).

It is their fault because they know better than to loan money to people that can ill afford to pay it back on time or quickly.
They know that if you are in debt that this hurts peoples lives.

This bank will come out stronger as a result and many other banks are doing worse things. 

This information is on the wall street journal wsj.com and is nothing new.

Most folks are paying down debt and hoping we can survive the very bad recession.

You do know you can transfer your card balance to any other bank at any time and in fact get a special rate for doing so.  right?

some even offer 0% interest for 1year or for life of balance.

What a deal that is.

I just retired today at 61.
I did that by not going into debt, in fact every month I pay myself for the interest not paid to banks.  The compound gains after 40 years, is substantial.

Get out of debt , kick off the chains, and LIVE !

Best wishes
jtgh


PS: dont buy an house for 2 more years.  7million + on the blocks for sale.
Wait for the lower price in 2 years.
You have 2 years to mend your score. 
Just google that, for the answer, its no secret.

I am a Engine mechanic and electronics technician and no bank employee.
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#21 Consumer Comment

Flynrider..you are a bank DEFENDER..full blown..

AUTHOR: Ronny g - (USA)

I have no other name for what you do..which is consistently and blindly..defend the banks. If you take any kind of insult to it..then cease partaking in the activity of DEFENDING the banks..otherwise you subject yourself to be called out for what you are doing. I agree people need to take responsibility for their actions..but ponder this for a moment...

Is being a sucker a crime???

Is being a fool a crime???

Is an institution or it's employees that approved a mortgage knowingly using falsified and fraudulent documentation to do so legal..in any state?

I know you know the answer to these questions.

And I know you would love for me to post my friends personal information and documentation regarding these charges..but legally I can't even mention the name of the bank or the employees involved...yet.

So just google the previous information and you will have some idea how the mortgage scam works..and how some banks AND bank employees have played a part..or go visit them in jail and ask for yourself if you do not like to read.




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#22 Consumer Comment

Common sense defender.

AUTHOR: Flynrider - (U.S.A.)

Your "bank defender" label is getting old. I have no love for banks, nor a pressing need to defend them.

 That said, there has to be a point where people take responsibility for their own financial decisions. The bank is not your mommy. If you expect a bank or any other profit making institution to watch out for your interests, you're setting yourself up for a fall.

 "But tell me Flynrider...is it legal in the state of Florida for a bank to approve a mortgage without an inspection/appraisal? Tell me please..because if you do not know the answer to that question..you have NO business defending the bank..or criticizing my ignorant dopey friend."

 First of all, there is a huge difference between an appraisal and an inspection. Appraisals are often (but not always) required by banks for mortgage loans, depending on the amount being borrowed. They are not required by regulation in Florida or five other states that I know of personally. They may not be required in any state, but I don't have my hands on that kind of documentation. As the one who was making the accusation, I would have expected you to know that. But, you don't appear to need any actual facts to go on your bank blaming tirades, do you?

 In most cases, appraisals are quick and dirty, drive-by affairs that only assess the condition of the property in a very basic sense (i.e. is the house falling down) in order to assign a ballpark value .

 Home inspections are a completely different animal and are designed to root out the specific problems associated with a particular property and to protect the prospective buyer. This has everything to do with common sense and nothing to do with a bank.

 Bottom line, a bank has zero responsibility for ensuring that a home is free of defects before issuing a mortgage. Why you feel the need to blame the lender for your friend's irresponsible actions is beyond me. Other than the fact that you seem to be willing to grasp at any straw in order to further your bank bashing. You really need to get over yourself.

 Banks are faceless, soulless corporations that exist to make money from their customers. They are not your friend or guardian. My posts advocate treating them as such. The idea that people should rely on banks to watch over their financial well being is ludicrous and is well documented on this site. You're not doing anyone any favors by telling them that their financial troubles are always someone else's fault.

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#23 Consumer Comment

Just a few samples..anyone can "google" this...

AUTHOR: Ronny g - (USA)

Two Bank Insiders and Others Sentenced


The subprime mortgage crisis and the current upheavals in the banking industry have led to enormous scrutiny by both state and federal regulators seeking to hold banks accountable for mortgage fraud, financial misconduct, and other illegal practices.

In the current political and media climate, indictments against banks and bank officers bring prosecutors immediate and enormous public approval.


Monday, September 28, 2009 Former Bank Employee Pleads Guilty in Mortgage Fraud Scheme


Federal Bank Bailout Forces Victims of Mortgage Fraud to File Predatory Lending Lawsuits

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#24 Consumer Comment

You see Robert..a bank defender strikes...

AUTHOR: Ronny g - (USA)

Aww..I guess Flynrider is upset and fed up about everyone picking on the poor, poor banks...and has had enough.

Flynrider..Mr. "this is a bit much" missed the point..again....

"Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help."


 "So, all of your friend's problems with this house are the bank's fault? When did it become the bank's responsibility to ensure that there are no problems with a house? Your friend did something very stupid. He bought a house without having it inspected and now is having to live with the consequenses of that decision."

First off...I explained in the reply that I only said what I said to demonstrate that home ownership may not be the best investment right now..and the "American dream"???..for some..not so much... Which is why I requested the bank defenders not jump on my friend about this..whether it's the banks fault or not is not the issue or my point..but since you opened the can of worms..I might as well delve into it...

Let me start by saying..yes..my friend is a big DOPE. No argument there. This was his first time buying a home and he was taken advantage of in so many ways I can't even type that much without getting carpel tunnel syndrome. But I will state this. He is a good honest person that would give you the shirt off his back. He is a very hard worker..and a very ethical person. But with that said..he was very ignorant with the hole deal purchasing this house..there is outright FRAUD and FORGERY involved...the seller/agent and banker were in cahoots and nailed my friend hard.

I wish he would have spoken to me before he purchased the home..because although I am not a real estate lawyer..nor a licensed real estate agent..many in my family are..and I would have INSISTED he consult a lawyer before signing anything.

Now as far as the bank approving the mortgage without verifying his income...I can understand government pressure on the banks would allow them to overlook this "minor" detail in order to get more mortgages approved. But tell me Flynrider...is it legal in the state of Florida for a bank to approve a mortgage without an inspection/appraisal? Tell me please..because if you do not know the answer to that question..you have NO business defending the bank..or criticizing my ignorant dopey friend. I can get away with saying that because I know him..and the situation..you on the other hand know NOTHING but to kick people when they are down like some kind of sadist, and yet defend the ever loving oh so very innocent ethical banks..that are always on our side..am I right?.

Bear in mind south Florida is probably number one in mortgage scams, schemes and fraud..taking advantage of the elderly..and the morons (like my friend)..there are so many indictments and jail terms handed out I can''t even count..as Karl would say.."anyone can "google" this"

So I hope I cleared this up. My friend is responsible for the predicament he is in now..he knows it..I know it..you know it...no big disclosure uncovered here. However..does this release the bank from all or any of its legal responsibility in regards to approving mortgages without an inspection?


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#25 Consumer Comment

This is a bit much.

AUTHOR: Flynrider - (U.S.A.)

"Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help."

 So, all of your friend's problems with this house are the bank's fault? When did it become the bank's responsibility to ensure that there are no problems with a house? Your friend did something very stupid. He bought a house without having it inspected and now is having to live with the consequenses of that decision.

 Even most first time buyers know that it is wise to have a home inspected before purchasing. Not because the banks require it (most do not), but because it defies common sense to buy something that expensive without getting it checked out first.

At what point is the consumer responsible for the decisions they make?

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#26 Consumer Comment

Reply to Robert....and Karl..

AUTHOR: Ronny g - (USA)

I understand how the bank may view a consolidation loan. But I think if the history of this poster is stated accurately...that the bank is making a mistake by canceling the card if based on the consolidation loan itself..which is what they explained to her is the reason.

I agree with you that the OP's title is a bit harsh..the situation does merit compliant..but it is not gouging, scam or a ripoff in the definition of those terms.


 " As for your last comment, what exactly did you expect us to say about your family and friends situation?"

I assumed that bank defenders would belittle my parents and friends for losing money on their home values...stating things like "well, it is a gamble..and they lost.." or "it's the Governments fault for allowing the banks to give mortgages easily etc", perhaps I was presumptuous there.

Has far as when I call you a bank defender..yes it is meant in a derogatory way..only because I feel in many of these reports..yes the banks can "legally" get away with it..and yes..at times the customers admit to overdrafting with intent...or trusting the on line statement...but either way..I don't feel the bank has a "defense" per say...but a reason...and that reason is to use deception and manipulation to maximize fees.

I don't want to judge you as a person..but I am really finding myself at times in a debate with words on a screen..that seem to not always want to reason..but just want to blame the consumers..and place no blame on the banks at all...I do not agree with that most of the time. There are cases where I do find customer neglect to be the cause..and in those cases I can not defend them.

Has far as what Karl posted to me...What my parents were doing for a while would be find a good deal on an apt in NYC...fix it up..and sell in a couple of years. For the last 30 years or so..they did very well. This last apt was supposed to be to live on during their retirement and supplement their SS. Well now they may break even..or suffer a loss depending..that have not had many offers. A few years ago there would have been a bidding war for that apt..ground floor near mid town on the east side...doorman..it's a very nice apt.

With my friend..he didn't want to flip the house. The neighborhood is very nice..around 5 years ago the house prices started skyrocketing after 30 years of being stagnant. So the house he purchased was going for around $150,000 5-6 years ago. 3 years ago the house could have sold in the $600's. He got the house last year as prices were going down for $320,000.

Now..not only is the current appraisal well under $300,000..but because the bank gave him a mortgage without an inspection...he realizes the house has many serious issues..the in-ground pool leaks, the garage which was converted into a 3rd bedroom is flooded from something leaking..the water heater needed replacement....the roof has issues..well lets just say an inspection before the mortgage was approved would have been a big help.

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#27 Consumer Comment

With this I agree...

AUTHOR: Robert - (U.S.A.)

Now as I stated before...sure the bank has the legal right to cancel the card, but would it not be in everyones best interest if the bank simply explains to the customer that they are losing money on the card by it not being used..so can you kindly use it or we will have to cancel it in such and such an amount of time?

- Yes IF the reason they are closing the card out is inactivity then it would be nice if the bank actually sent out a notice informing the card holder before hand.  But I think that it did have more to do with the consolidation loan(yes opinion).

A couple of items about consolidation loans.  What you take out of it is up to you, but hopefully it will cause people to really think about how they handle debt.  Their debt is lower and they are paying less out...agreed that this is good. 

The consolidation loan puts all bills into one payment with a LOWER interest rate.  IF the goal was to get out of debt they would have taken the same amount they were paying with the separate bills onto that one bill..NOT paying less because they can.  Statistically paying less means that they were struggling with their bills and they needed to "free up" some money for other items.  Had this person paid the same amount they were paying out before for the last 2 years there is a good chance that the loan would actually be paid off(or the balance a lot lower).  Again we do not know about this person's specific situation, but if you ask debt counselors or other people who work with debt they will tell you the same thing. 

But even if this is a bad customer service issue or they are caught up in "statistics" of other account holders.  That does not seem to match up with the title of the original report.

BAC Bad. worst. poor. complaints. violations. scam, rip off, steal, take, gouge, monopoly

I'd give them their opinion that it was poor customer service.  But where in the world did they Steal anything, where is the gouging or violation(and of what), and last time I checked they are not the only credit card in town so where is the Monopoly. 

Ronny we are actually not that far off in the goal, although definitely by different means.  So call me(and others) "bank defenders" if you want, as I guess you think that is supposed to be some derogatory term or not that takes away from our view.  For if you see it as defending the banks I guess nothing that is going to be said is going to change that thought.  As for your last comment, what exactly did you expect us to say about your family and friends situation?

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#28 Consumer Comment

RONNY G, A PROFESSOR AT THE HARVARD BUSINESS SCHOOL SAID TO HIS CLASS OF EXECUTIVES THAT-

AUTHOR: Karl - (U.S.A.)

'A house is not an investment. It's simply a place to live.'

Here's an example of WHY a house is not an investment: If anyone purchased a house, as an example, for $290,000 & put down $30,000 & mortgaged $260,000 over 30 years at a fixed rate of 5.7%, they would have a monthly payment of $1,509 (not including property taxes). So if all the payments were made over the 30 year period, a total of $1,509 x 360 = $543,240.00

If property taxes averaged $2,500 per year, then we'd have to add $75,000 (30 years x $2,500 = $75,000) to the $543,240 which would give us a total of $618,240.00 and that DOES NOT INCLUDE any up-keep or maintenance on the house over the 30 years, right? (Up-keep & maintenance are necessary, like- painting, replacing worn gutters, etc.)

Let's NOT add any maintenance costs into the figure, okay? So once the mortgage is paid, the owner has title to the home and has paid this: $30,000 down payment + $543,240 in payments + $75,000 property taxes = $648,240.00, correct? 

Now, here's WHY that house, or any house, is NOT an 'investment'. If that house, or any house, is put onto the market it will eventually sell for the MARKET PRICE, correct? But in order for the seller of that house, or any other house, to REPLACE it with a SIMILAR HOUSE in a SIMILAR NEIGHBORHOOD the seller would pay a SIMILAR PRICE, wouldn't they? That's WHY a house is NOT an investment.

If that same person had 'invested' the original $30,000 in the stock market & left it there, and after 30 years it had grown to $225,000.00, then that WOULD have been an investment, right? But if that $30,000 was in companies like- GM, Enron, Freddie Mac, Bear Stearns, Lehman, etc., it may not have turned out to be an 'investment' after all, correct? The stock market is risky, isn't it? You could win, & you could lose!

*The simple lesson is this- Buy a house that you can afford because it's simply a place to live.

That $290,000 house REALLY cost the buyer almost as much in interest than the original selling price, correct? The banks & the BANKERS are the ones who really made out, wouldn't you agree? They made $543,240.00 in payments - $260,000.00 loan = $283,240.00 in interest on the loan. And don't forget about the property taxes! That's another $75,000 that was paid out, right? The home-owner doesn't ever see that money again!

The 'key' is for a person to buy a house that's affordable, not a house that will 'imprison' them over a 30 year period, right? And we all know that some people will RE-FI their mortgages & take out the equity before the 30 years is up, correct? But they end up paying even more to the bank when they do this, don't they?

To read more of what the good professor said, you can 'Google' this- RIP OFF REPORT FUEL FREEDOM INTERNATIONAL MPG CAPS, and go to the 2001 Toyota Tacoma Ripoff Report, & then to the 'Update' entitled- "BLAME IT ON A LAWYER". My CEO brother in-law was in that class in late 2004. 

Have a nice week!
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#29 Consumer Comment

Just wanted to add...

AUTHOR: Ronny g - (USA)

Before the bank defenders come here and start bashing my parents and friends..which I would expect..there is no point...

The reason of the reply was only to reinforce the fact that home ownership..which has been so heavily pushed in us forever as a "must do"..is not stable anymore.

It is causing loss now..and not a secure investment..not at this time. It's one thing if it is stable...or goes up and down a little here and there..but when it drops 20-30-40% in such a quick time..right after they had it so easy for anyone with a face to get a mortgage..well times are not looking good for the home owners right now...

The American dream has become a nightmare for many..and if unemployment continues at this rate...well ..need I say more?
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#30 Consumer Comment

Yes Karl I "binged"

AUTHOR: Ronny g - (USA)

Since my parents and many others have made millions in real estate..for them owning and selling homes was the American dream.

But now that the economy sucks..my parents have an apt in Manhattan that was worth about a million a couple of years ago..now they can't even get $700,00 for it. They recently sold a business and retired. They want to move but are stuck in Manhattan with that apt. ..and have no idea if it will regain value..or lose more...they are stuck in a gamble with their money due to economic collapse. My parent s told me that once they realized real estate prices were dropping in Manhatten..that this was a serious crisis..since real estate has been increasing there for decades.

A friend of mine purchased a home in Boca Raton Fla. a few years ago..nice area. The house is now worth 50-60 thousand less then he paid..and the bank gave him a mortgage without checking his income status...or having an inspection done on the house...now how was that legal? So now due to the economy his hours were cut...his equity loan was denied..and his 401K had to be used to keep the house...now what if the value falls more..and his job is lost..or more hours cut? This is a hard working honest man..he didn't buy the house to "turn over" .....he just wanted a place to live for a long time...and now may lose it. He asked the bank to work with him..and need I say what the bank told him to go do? Not fit for typing here.
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#31 Consumer Comment

Ronny G, Did you 'Bing' this- DR MANDELSTAMM OF KIEFF, and click on 'Controversy of Zion' and read the passage entitled-

AUTHOR: Karl - (U.S.A.)

'THE TALMUD AND THE GHETTOES' at least 3 or 4 times, very slowly, yet?

I find it fascinating that most Americans have been manipulated into believing that owning a house is the 'American Dream', don't you? It seems as though the act of purchasing a house in the last several years, & even REFINANCING a house, has turned into the 'The American Nightmare', wouldn't you NOW agree?

Have a nice day.

P.S. Did you read Tanya's Ripoff Report over at the NISSAN page of this site yet? There's an interesting link between what was happening in the MORTGAGE INDUSTRY & in the AUTO INDUSTRY over the past several years, right? Consider this; A HOUSE and an AUTOMOBILE are the two BIGGEST purchases that the majority of Americans make in their lifetime, correct? And BOTH require BANK FINANCING for just about everyone, right?

WELCOME TO AMERICA- IN FRAUD WE TRUST!
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#32 Consumer Comment

robert..I forgot to mention the "consolidation" loan..

AUTHOR: Ronny g - (USA)

I understand that can sometimes point a compass towards financial difficulty...but since the OP is not in the habit of going over limit..or paying late..perhaps a reasonable fair minded logical person can draw this conclusion..

That the OP was smart enough to consolidate their debt, a wise financial decision..which often can save money..and make multiple accounts easier to handle.

Now we do not know the reason the OP has a consolidation loan..but we do know it was 2 years ago.and the customer now has less debt and is paying less out.

I don't see how if this information is accurate..that the bank feels the loan in itself is a reason to cancel the card..not with the history this customer has.

Now as I stated before...sure the bank has the legal right to cancel the card, but would it not be in everyones best interest if the bank simply explains to the customer that they are losing money on the card by it not being used..so can you kindly use it or we will have to cancel it in such and such an amount of time?
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#33 Consumer Comment

Response for Robert..

AUTHOR: Ronny g - (USA)

I will try to be non argumentative in my response..but it won't be easy...

"Regardless of what you think Ronny the only "defense" of the bank is that they closed the card per the agreement that the OP agreed to.  The less people rely on Credit Cards the better they will be."

Whether you "feel" this is true or not...you nor I have do not have any place to tell another person if they are better with....or without a credit card.

Lets not forget how Donald Trump made all his money (remember OPM??) aka "other peoples money"...many people are saved by a credit card in a financial bind..and many people start a successful business using credit..it is the American way..is it not??

Now when you use the term "rely" I guess in your defense that can be taken either way..of course it goes without saying that people will be better off not having to rely on credit cards...but in reality, this is not always the case.



"I am not fighting this with you either.  But you say that they were not "right" in closing their account, I see that as inferring that you think they should keep it open.  So if they the bank should keep it open but don't want to, would it be "right" for anyone(or any government) to force a company to keep it open against the companies wishes?  Isn't that how we got into this mess in the first place with the Government forcing banks to give out loans...Just look up the Community Reinvestment Act for some interesting things to look at."

I will never agree that many things the banks do to it's customers are "right"..and by right I just mean "harmless"...not meaning "right" in the legal sense.

Where I don't see eye to eye in your previous statement is the overall "argument"..about "keeping the account open". I understand the bank can cancel the account at any time per the signed agreement..but I still feel this customer has a right to complain due to several reasons...one, the banker saying the poster was NOT a credit risk...two, the customer had 2 credit cards with this bank for 6 years and never had a late payment or overlimit. three, the customer requested to transfer a balance to the card and was not allowed, and a bank they own holds their mortgage and the customer never had a late payment as well.

I feel the customer was willing to make reasonable effort to keep the card...I feel the customer has displayed NOT to be a credit risk..so in this case although I agree the bank was legally able to cancel the card..that it is wrong..and causing harm the the customers FICO score, it's like the customer has no rights at all..even with 6 years of good faith and no problems with the card. It is like the customer is being punished for doing all the right things..is willing to work out a compromise with the bank to keep the card..and the bank tells the customer to go pound sand..nice work bank.


"You also wonder how my comments helped this poster.  Well if explaining why it was closed and why it could happen again with other creditors didn't help them then sorry I tried.  But I could then ask you the same thing.  Other than agreeing with the OP(and making comments on other people who tried to explain why) what exactly did you do to help the OP?"


The OP doesn't need you telling the reason why the bank did this..they stated it already. I agree I did not say anything to help the "situation" per say..but I understand the predicament and why the OP is upset about this..sometimes just having someone agree with you when you are down can help in a way..as well ask why anyone would defend the actions of this bank and situation?...I want the posters to know some are on their side as well..not just bank defenders offering no real helpful suggestions..other then insinuating and implying they are a credit risk...even the bank stated this was not the case..unless they were lying?? A bank lie??... never happen...right?

"So let me ask this, as this is not to argue with you and really the only question I am interested in.  What exactly do you think would have been the approriate thing for them to do?"

If everything the OP stated is true..the bank should have explained what actions needed to be taken to keep the card open..and gave the customer the opportunity to do said actions. If the customer did not comply..then I feel the bank would be fair in closing the card. Maybe I am expecting too much from the bank?


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#34 Consumer Comment

Defender?

AUTHOR: Robert - (U.S.A.)

Regardless of what you think Ronny the only "defense" of the bank is that they closed the card per the agreement that the OP agreed to.  The less people rely on Credit Cards the better they will be.

I am not fighting this with you either.  But you say that they were not "right" in closing their account, I see that as inferring that you think they should keep it open.  So if they the bank should keep it open but don't want to, would it be "right" for anyone(or any government) to force a company to keep it open against the companies wishes?  Isn't that how we got into this mess in the first place with the Government forcing banks to give out loans...Just look up the Community Reinvestment Act for some interesting things to look at.

You also wonder how my comments helped this poster.  Well if explaining why it was closed and why it could happen again with other creditors didn't help them then sorry I tried.  But I could then ask you the same thing.  Other than agreeing with the OP(and making comments on other people who tried to explain why) what exactly did you do to help the OP?

So let me ask this, as this is not to argue with you and really the only question I am interested in.  What exactly do you think would have been the approriate thing for them to do?

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#35 Consumer Comment

Anyone can 'Google' this- COUNTRYWIDE WHISTLEBLOWER REPORTS LIAR LOANS, and watch...

AUTHOR: Karl - (U.S.A.)

that video on the web, correct? And anyone can 'Google' this- AUTO DEALER LOUIS F HARRELSON TO PLEAD GUILTY, and read that article, right? And anyone can 'Google' this- CAR SALES: TRICKS OF THE TRADE- CONSUMER ALERT, and watch that video & see how Tori was scammed, & how the bank that received her LOAN DOCUMENTS was scammed too, correct? And anyone can go to the NISSAN page of this site and read one of the most recent Ripoff Reports & see copies of the LOAN DOCUMENTS that were altered, right?


WAKE-UP, America! This country is CORRUPT!



WELCOME TO AMERICA- IN FRAUD WE TRUST!



P.S. Where are all the BofA Ripoff Reports? I only see two!
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#36 Consumer Comment

Robert the "BANK DEFENDER" strikes again...

AUTHOR: Ronny g - (USA)

I didn't reply here to argue with you about credit card policies..as a matter of fact..I don't believe in them and am 100% debt free..it feels good. I have one credit card I use sparingly to keep my rating good..as society has made it almost impossible to make it without a credit card or good FICO score..unless you choose to live off the fat of the land..which there is not much fat left..but in response....defend this bank defender...


Since they were not making money on this loyal customers credit card.


- Your right Ronny this customer was so loyal that they had a $0 balance and hadn't used the card for at least 6 months.  What exactly do you think they should have done?  Keep the account open?  Asked their permission to close the account?  Perhaps they could have given them the option to pay an Annual Fee on the card to keep it open.  I wonder how concerned the OP would have been with their FICO score then once they found out they had to bear the cost.

Well would you have preferred if this customer was maxing out the cards..making minimum payments..until they just apply for bankrupcy from being trapped into paying off interest for the rest of their lives? I am sure the banks would love that. I never realized it was criminal to not use your credit card..or keep your balance paid up..guess times are a changin...

But with that said...too bad the banks don't have a "FICO" score..since perhaps they would have been considered a "credit risk"..and would not have received 700 billion in "loans" from the American taxpayers...defend that oh worshiper of the banks...




"- Exactly.  In this crisis the bank is reducing their risk.  As was stated before giving out credit like candy is what got a lot of people into this mess in the first place.  This person admited that they got a consolidation loan, and that this card is unused."

Yep..I guess this customer paying off the cards allows the bank consider them a "risk"...I understand.


"If they got a consolidation loan the last thing they need is additional credit, especially if they are still paying it off.  Because there is a very common trap.  A person gets a loan to "payoff" debt.  But within a couple of years a high percentage of these same people charge their accounts right back up.  So now they not only have a consolidation loan to pay off, but the credit cards are back at the same level.  Effectivly doubling their debt.  While the OP may think it is rough now, in the long run this actually may save them from themselves based on statistics."

It wasn't "additional" credit..the card was valid with the customer for 6 years. Look I don't want to argue this with you as well..because you CAN'T win..you can only smoke screen and detour the issue..yes we all agree the bank had the right to do this..but if you think it's "right"..then I don't understand your "value" system at all..and never will.

I still would like to know what help you are offering here..and what your motive is..I mean how have you helped this poster??? By defending the banks actions for doing a horrible thing? Okay fine..you have succeeded..now take a bow.

Everyone applaud Robert the bank defender.



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#37 Consumer Comment

What?

AUTHOR: Robert - (U.S.A.)

Since they were not making money on this loyal customers credit card.


- Your right Ronny this customer was so loyal that they had a $0 balance and hadn't used the card for at least 6 months.  What exactly do you think they should have done?  Keep the account open?  Asked their permission to close the account?  Perhaps they could have given them the option to pay an Annual Fee on the card to keep it open.  I wonder how concerned the OP would have been with their FICO score then once they found out they had to bear the cost.


what have they done to help this customer during an economic crisis?


- Exactly.  In this crisis the bank is reducing their risk.  As was stated before giving out credit like candy is what got a lot of people into this mess in the first place.  This person admited that they got a consolidation loan, and that this card is unused. 


If they got a consolidation loan the last thing they need is additional credit, especially if they are still paying it off.  Because there is a very common trap.  A person gets a loan to "payoff" debt.  But within a couple of years a high percentage of these same people charge their accounts right back up.  So now they not only have a consolidation loan to pay off, but the credit cards are back at the same level.  Effectivly doubling their debt.  While the OP may think it is rough now, in the long run this actually may save them from themselves based on statistics.

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#38 Consumer Comment

Quote: "BANKING WAS CONCEIVED IN INIQUITY AND BORN IN SIN. IF YOU WANT TO CONTINUE TO BE SLAVES OF THE BANKERS, AND PAY THE COST OF YOUR SLAVERY, THEN....

AUTHOR: Karl - (U.S.A.)

LET THE BANKERS CONTINUE TO CREATE MONEY & CONTROL CREDIT." - Josiah Stamp. Former head of the Bank of England. That quote can be found in the book entitled- 'THE SCORE', by Rudy Stanko.

Anyone can 'Google' this- THE SCORE BY RUDY STANKO, and go to the amazon.com site and read the 3 reviews on that book. Here's a quote from one of those reviews from YEARS AGO-

Quote: "The international bankers are America's worst nightmare!" - Sagebrush, of Montana.

P.S. Take a look at the American FLAG on the cover of that book.

WELCOME TO AMERICA- ONE GIANT ILLUSION!

'Iniquity' (definition)- WICKEDNESS.
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#39 Consumer Comment

Can't have it both ways, Laurie.

AUTHOR: Flynrider - (U.S.A.)

    You can't complain that banks had to be bailed out, then complain that credit is harder to get.   The reason that they had to be bailed out was the free and easy credit policies of the last decade.   The fix to the problem is to tighten credit policies.  That means both raising the qualifications for obtaining credit, as well as dropping accounts that are not profitable.

    I see a lot of folks complaining about how they used to be able to file for bankruptcy, then qualify for a credit card a few months later.   Those days are long gone.  We're going back to an earlier era where not everyone with a pulse is qualified to have seven or eight open credit card accounts.  

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#40 Consumer Comment

ITS NOT JUST BOA - ITS ALL CREDIT CARDS

AUTHOR: Laurie - (U.S.A.)

After all their BAD business decisions that resulted in the tanking of the American economy all the banks and credit card companies are raising interest rates and cutting available credit - or cancelling cards.   It does not matter that WE their GOOD customers are being penalized for their BAD BUSINESS DECISIONS, we are the ones paying for it.

 

Its not right - but it is what HAS BEEN HAPPENING FOR AT LEAST A YEAR NOW!    In spite of the bailout - that was supposed to open up the credit markets again.

This is not specific to you -  but to all of us across the board who have always paid our bills.

And as others have stated - the agreements do state they can cancel your cards at any time - and you have to understand that has nothing to do with YOU and not to take personally which is what you are doing.     

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#41 Consumer Comment

"Courtesy"?

AUTHOR: Ronny g - (USA)

Xero stated...

"As far as cancelling the accounts, they could have at least had the courtesy to call and see if there maybe was a problem or if he didn't intend on using them anymore. Cancelling them without notification is withing their rights, but if the account(s) was/were in good standing I would think a follow up or courtesy call would be in order. Especially since it is going to affect his credit score in a negative way."


The only time the banks these days seem to do anything with the word "courtesy" in it..is if it makes them money. Since they were not making money on this loyal customers credit card..as far as they are concerned he can go rot. No courtesy at all..they could care less about his FICO score, if his account was in good standing..or if them canceling it has any negative effects on the customer.

Within the banks "rights" to do this??? Apparently. Is it "right"? Not hard to answer that one.

Unfortunately this customers tax dollars were used to help bail the banks out when they were failing...so..we help them...what have they done to help this customer during an economic crisis?


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#42 Consumer Comment

I'd get a lawyer

AUTHOR: JensDad12 - (USA)

She said that was all well and good, but she said that even though I was not a credit risk



, the bank was afarid that I would not pay the bills if I was to buy something with the cards. 


This makes no sense, at all, if the information you stated is correct in your complaint.

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#43 Consumer Comment

Unreasonable expectations.

AUTHOR: Flynrider - (U.S.A.)

"Researching the Bank of America employee underground, they are trying to cancel any credit card that they feel is not profitable enough for them, no matter the length of time with them or record. "

  And you have a problem with that?   You do realize that they are in this business to make a profit.   Your card agreement states that they can drop you for any reason.  In this case, they actually have a valid reason and you're still whining.  Sheesh!

"I am considering a class action suite against Bank of America for damages resulting from the way they are canceling credit and reporting to the agencies. "

  Bwaahahaha!  That's pretty funny.   The are cancelling according to the terms that you agreed to.   They're also reporting to the credit agencies under the terms that you agreed to.  What exactly are you suing them for? (as if you actually would).

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#44 Consumer Comment

lawsuit?

AUTHOR: Xero - (USA)

As far as cancelling the accounts, they could have at least had the courtesy to call and see if there maybe was a problem or if he didn't intend on using them anymore. Cancelling them without notification is withing their rights, but if the account(s) was/were in good standing I would think a follow up or courtesy call would be in order. Especially since it is going to affect his credit score in a negative way.
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#45 Consumer Comment

lawsuit?

AUTHOR: Robert - (U.S.A.)

Seriously.  They are extending you credit, this is THEIR money not yours.  As part of the agreement they are allowed to remove the granting of credit privileges at any time.  Nothing you can do is going to force them to keep your account open, or reopen a closed account.


The fact is that you weren't using the card and hadn't had a balance for 6 months.  Except for the time line this is really no different than the past.  It was not uncommon just a few years ago that creditors would close out accounts if they were unused for 1-2 years.


By the way it is a FICO score not FICA. 

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#46 Consumer Comment

GUESS WHAT? The American....

AUTHOR: Karl - (U.S.A.)

PEOPLE are the major shareholder in Bank of America since BofA received BILLIONS of dollars from the 'TARP', correct? 'TARP' is TAXPAYER'S money, isn't it? ('Troubled Asset Relief Program'). And President Obama is supposed to be the one looking out for the American people, wouldn't you agree? So perhaps President Obama should be sent a copy of this Ripoff Report so he can see what's happening to the PEOPLE of the USA, right? Here's his address for anyone to mail their Ripoff Reports-


The White House

1600 Pennsylvania Ave., NW 

Washington, DC  20500

Attn: Barack Obama & Mrs. Obama



P.S. 'Google' this- INSIDE THE MELTDOWN, and watch it on the web for proof that the American PEOPLE are the major shareholder in Bank of America. Then 'Google' this- THE OBAMA DECEPTION, and watch that on the web too. Over 3.8 MILLION have obviously done so, right?
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