FIFTH THIRD BANK 5/3 Bank; 53 Bank Bank denied our refinance on a note they already held, by doing a "drive-by" appraisal 200 yards away! Cincinnati, Ohio

Banks no longer make DECISIONS THAT MAKE SENSE, they make decisions to meet government rules, regulations and policy and often use these rules to benefit their own self interest. And more rules are coming in 2010! And my tax dollars and yours helped bail them out!

Fifth-Third Bank is a guilty participant in this practice as evidenced by their recent denial of our refinance. They hold our current mortgage so we are their customer regardless. Whether they help us or not, theyre stuck with us.  We have been their customer since they bought our loan 3.5 years ago. We have never been late on a payment, not even when we struggled to make those payments for the 15 months I was unemployed. We made them, every one, on time. We have paid them or the previous lien-holders $175,000 in interest payments. Were good customers with perfect credit.

When interest rates dipped in October 2009, we attempted to refinance. Not to get equity, but instead to reduce our interest rate, to reduce our monthly payment, end PMI and ultimately pay less than we would have paid.

After 3.5 months of getting surveys and appraisals done (a $1200 cost to us), jumping through hoops and having them seldom communicate with us, they denied the refinance due to insufficient collateral, meaning our house didnt appraise for enough.  The appraisal was done twice.  The first would have easily allowed the refinance, but the bank ordered a second drive-by appraisal that registered $125k less than the first.  The second appraisal was done by an appraiser who was not from the area and who did the work from our driveway which is a quarter mile long! He only drove half the distance down the drive to make his evaluation. The bank conveniently used the second appraisal to deny us and then hid behind THE GOVERNMENT rules, regulations and policy to benefit them. Fifth-Third Bank is a selfish entity who hides behind government bureaucracy to keep us at a higher interest rate. And, as they stated, you can go to another bank but we all have to play by the same rules.