Bank Of America BofA Bank of America Took My Rent Money and My Daughter and I Could End Up Living On the Streets! Los Angeles, California

on the web.

it should help you to understand what is, and has been going on in the world for the past 2,000 years or so, okay?

buying & re-financing homes at low interest rates, and at the same time they would become fabulously wealthy while the massive fraud took place, in my opinion.

Now don't get me wrong, I agree if people do not pay off loans it can certainly have a negative effect on the economy..I mean someone has to pay eventually. But I place the blame on Wall Street and deregulation for the mess we are in more then a hard working American who simply wanted a piece of the American pie, and was approved for a loan they could not possibly ever re-pay.

I could probably write a 600 page thesis on this...but I will copy and paste this article from Yahoo finance dated Oct, 6 2008 written by Ben Stein which edits it down quite brilliantly and factually.

HOW TO RUIN THE U.S. ECONOMY...

1) Have a fiscal policy that creates immense deficits in good times and bad, burdening America's posterity with staggering burdens of repaying the debt.

2) Eliminate regulation of Wall Street and/or fail to enforce the regulations that already exist, instead trusting Wall Street and other money managers and speculators to manage other people's money with few or no regulations and little oversight.

3) Have an energy policy that disallows producing our own energy and instead requires that we buy energy from abroad, thus making our oil prices highly volatile and creating large balance of payments deficits, lowering the value of the dollar and thus making the problem get progressively worse.

4) Have Congress mandate that banks and other financial entities lend money to persons they know in advance to have poor credit ratings or none at all.

5) Allow investment banks, insurers, and banks to bet their entire net worth and then some on the premise that borrowers known to be improvident will in fact repay those loans.

6) Allow the creation of large betting pools called "hedge funds" that can move markets and control the outcome of trading, thus taking a forum for savings and retirement for families and making it into a rigged casino game that exists primarily to fleece suckers like ordinary working men and women.

7) Have laws that protect corporate officers from being sued for misconduct but at the same time punish lawyers in the private sector who ferret out such misconduct and try to make accountable the people responsible for shareholder and investor losses. If one of those lawyers gets particularly aggressive in protecting stockholders, put him in prison.

8) Appoint as head of the United States Treasury Department a man whose whole life was spent on Wall Street, who became fantastically rich through his peddling of junk bonds at his firm while the firm later sold short those same sorts of bonds.

9) Scare Americans into putting up $750 billion of their hard earned money to bail out the billionaires and their friends who created the market for loans to poor credit risks (The "subprime" market) and the unbelievably large side bets on those loans, promising that such a bailout would save the retirement savings of Americans, then allow the immense hedge funds to make the market crater immediately afterwards.

10) Propose to save the situation by surtaxing the oil industry, which is owned by our fellow Americans, mostly in their retirement plans, thus penalizing Americans for investing in companies that efficiently and legally produce an indispensable product.

11) Insist that the free market requires that banks and insurers with friends of the Secretary of the Treasury be saved but allow other entities not so fortunate to fail, thus creating total uncertainty and terror among financial institutions, and demolishing all of the confidence built up in financial circles since the days of FDR.

12) Then have the Republican candidate say he would keep on the job the Treasury Secretary who facilitated the crisis, failed to protect the nation from the crisis, got the taxpayers to pony up to save his Wall Street buddies, and have the Democratic candidate, as noted, say he would save the day by taxing the stockholders of energy companies.

Yeah, I got that, Bill.  I hear ya on that one.  Must be hell when your biggest problem is when you can't stand the color your wife wants to paint the interior of your newest yacht!

And please don't turn this forum into an argument over stocks and poems.  If you guys need to hash out your obvious feelings for each other, please get a room or something.

awww---poor you--you don't make much money and are finding it hard to scrape by--what about the big bank you owe money to who has money??--what about that ceo who wants to buy that new 200 ft yacht??--and your whining about paying rent??--what is wrong with you??---i hope you realize i am being sarcastic

which is 'Consumer Comment #3' posted under Ripoff Report #269041.

with Karl and his stupid google this, poems and crap - no one cares what you think and many have told you to go away so GO AWAY!

I have been through the same and have complained about two entities in detail. One is FIA CREDIT SERVICES (a credit card company owned by BofA), which is on top of the heap of unsavory jerks running the credit card industry. I have also experienced a deposit scandal perpetrated by QUICKEN LOANS. I too had to pay bills when I did not know when I could eat, and the banks simply did not care and heaped fees on top of fees and ruined my credit rating. I am recovering after a long stint lasting from 2009. The big banks are nasty pigs masquerading as business people. They look clean and use happy people in their advertising, but are filthy entities that leave a trail of destruction in their wake. I am angry when they maintain it is their RIGHT to make a profit, which is to use our money then deny us credit and loans. They are destroying the economy by holding back money that they could easily loan. It is an insidious business that keeps people living in servitude to them - that is what they want. Once one big bank does something reprehensible the other banks seem to follow right behind. This is deregulation at work. I find most big businesses are working against the public and providing the least service possible as they raise our rates. I suggest joining a credit union ASAP, or find a small bank that welcomes you as someone that is valued, not as someone to feed off of like a vampire. Watch few films that will help explain what you are dealing with, for to be successful in this financial war you must know the enemy. The films are THE CORPORATION, MAXED OUT, and THE END OF POVERTY? They probably can be found in a public library.

of the U.S. economy", correct?

     I know what you mean.  From an objective point of view, it would seem common sense, but I've gone on for so long not making very much money and still banking with BofA, I got lulled into a false sense of security.  It's been three years since I've had any reasonable income and I continued banking with them with no problems.  Stupid me, I know!  I didn't realize that a setoff even existed.
     Lesson learned, but I'm still trying to find a way to get back at least my rent money.  They can keep the difference.

Thanks for the reply

I'm surprised that you didn't expect BoA to take the money that you owed them.