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StumbleHarry Reid on mortgages: ‘Bank of America must do more’
Tuesday, Dec. 1, 2009 | 2:38 p.m.
WASHINGTON -- Senate Majority Leader Harry Reid pointedly criticized Bank of America today for not doing enough to help Nevada homeowners during the mortgage crisis, warning that the company must bring more resources to the state or face public scrutiny.
“I appreciate the significant burden that the foreclosure crisis has placed on your servicing division, but I suggest your Nevada mortgage customers, Nevada’s housing market and, indeed, your company’s reputation will all suffer more unless more of B of A’s resources are directed to our state,” Reid wrote in a letter to the bank.
“Simply put -- B of A must do more.”
Reid’s letter to the banking giant comes as the Obama administration is pressuring lenders to step up efforts to modify mortgages and help homeowners avoid foreclosure.
Obama’s signature housing rescue program, Making Home Affordable, has struggled in part because lenders have not modified as many mortgages as initially expected. An assistant Treasury secretary said last week that some institutions “ought to be embarrassed, and they will be.”
Reid, in the letter to bank president Barbara Desoer, called on Bank of America to bring greater resources to Nevada by establishing a loan assistance center in the state staffed by mortgage modification experts. He said other companies have done so in other cities.
Reid also asked Bank of America to provide staff dedicated to handling its cases before the state’s new foreclosure mediation program.
In the letter, Reid said that 40 percent of the housing assistance cases his Las Vegas office is handling involve home loans from Bank of America which, Reid writes, “is in part a reflection of your company’s presence in Nevada but perhaps also an unfortunate indication of the difficulties your Nevada customers have encountered when approaching B of A for relief.”
“In too many instances where my staff connects a constituent with a B of A employee to discuss a modification, the constituent later reports that B of A failed to be of any assistance.”
Reid goes on to scold the company for its performance in the state’s new foreclosure mediation program. Of the eight mediations involving B of A since the program was launched this year, seven resulted in the mediator’s conclusion of “bad faith” on the part of the B of A representative, the senator wrote.
A spokesman for Bank of America did not immediately respond for comment.
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If Harry had passed a helpful law in the first place we would not have this problem
His law is inept and chocked full of paperwork, and huddles to qualify.
Why was BOA included. The Government told BOA to increase its reserves and tighten lending rule.
They could have simply made Fannie or Freddy do the loan and of course taxpayers will pay
The is the 5th or 6th redo
Obama and reid need to figure this out
What is Ensign's viewpoint? Or is he still crouched down in the backseat of KXNT's manager's "BOSS" Bronco SUV? The vehicle decoy car that snuck Ensign out of the radio station so he could avoid any REAL Questions.
Kind of reminds me of the OJ's bronco slow MO chase.
BoA has been very helpful to this Southern Nevada resident. With 20% down they allowed me to borrow lots of money so I could buy a home. It was very helpful and my family appreciates the opportunity. The seller was even kind enough to pay closing costs so I don't have to hold that against BoA. BoA also has the absolute best online banking features I've ever seen and I've tried many.
None of the things Senator Reid mentions sound very profitable. Hmm, more staff and less return, no thanks.
I will say, however, that if you e-mail customer service, you may as well just set your hair on fire and jump off a cliff. Your problem will be over faster with a better result.
B of A must do more? Since when is Harry a banking expert? Is he an expert at anything? He spent his life working for government so now he is qualified to dictate to the private sector how they should run their businesses. Is that how it is? The arrogance that he and Obama display and the contempt that they have for private industry is appalling! Harry's got to go in 2010!
I have already closed 6 accounts with BofA >>suggest everyone do the same.
Do More? Bank of America (BAC) has been more than helpful with me and my situation. I had knee surgery early this year and could not work, i was unemployed and BAC bent over backwards for me, i was very impressed. I have since gone back to work and BAC modified my mortgage for me.
MR OBAMA'S LOAN MODIFICATION PROGRAM IS ONLY FOR THOSE WHO ARE WORKING SO SLICK HARRY, HOW IS THAT BAC'S FAULT?
I'll tell you what Bank of America needs to do. They need to foreclose on the people not paying their mortgage then sue them for a deficiency judgment and garnish their wages until the debt plus interest and penalties is paid in full. This will make people realize that they are responsible for their decisions, regardless of how those decisions turn out for them. Why on earth should BofA have to eat the loss on soured real estate?
Azbycx0918 > Dust the sand off your head and clue in to reality. It doesn't matter what Harry Reid said, you will find a problem with it. Perhaps you've missed BOA's complicity in the housing crisis. Perhaps you bought your house 15 years ago. Perhaps you don't know that 81% of the houses in Vegas are underwater. Perhaps you're just an idiot.
I think BofA Loan Mod Office is located in the North Pole with Santa. You have about the same chance Of seeing either. Not to mention the only people that are even qualified to apply for a loan mod are already to late. When is something real going to be done I am upside down like most of vegas I am still paying on time with of coarse no way to ever sell my home any time soon and I can't even refinance to a lower current rate. I blame the banks for doing bad lending and not being responsible. and not only does my biggest investment go bad but my tax dollars are now working against me encouraging banks to foreclose instead of doing the right thing and helping home owners before they lose their home and not only saving billions in tax dollars but rebounding our housing maket faster. Harry Reid needs to do a lot more and pass laws to stop the banks criminal acts. I believe even with a bad housing market most homeowners want to do the right thing. however, if something isn't done fast I think the right thing is gonna be to give all the houses back to the bank being they seem to want them so bad and not work with anyone but investors who are basically stealing the homes.
"I have already closed 6 accounts with BofA >>suggest everyone do the same." ****Oh really, I've closed 7 accounts. Do I hear 8????
Hey-why doesn't Reid do what he supposedly did to "save" City Center: Make phone calls to the bankers. I mean if it worked once......
Oh wait a minute, some say he shouldn't have pushed so hard. That's how the TV spot said he gets so much done.
And while he's at it, "save" the Fontainebleau with some phone calls too.
What planet is harry living on? He doesn't know what Chris Dodd and Barney Frank have been up to the last 10 years? Forcing banks to give mortgages to people they knew couldn't afford them. Even illegals were getting loans. What did they think would happen? They should all be thrown in jail and their pensions and health care taken away.
I hate Bank of America, I called to get a modification, and within 5 minutes I was denied because I didnt make enough money, then i asked, what a roomate rent income would do for me, they reponded with, Now you make too much money! I wish my tax dollars wouldnt have saved there bank and it would have collapsed like WaMu.
Why do people keep on re-electing this old FOOL !!
briant,
FYI I bought 2 rental properties in late 2007 and am now down about $200k combined. I realize that I made mistakes and would love to have the bank assume my losses, but that just is not right. I screwed up and I am prepared to pay the consequences by having a lowered standard of living for the next 10-15 years. You fail to understand that these losses that you want the homeowners to avoid must be assumed by someone else, whether that be investors or bank owners. It's easy to point a finger at evil banks, but you're forgetting that some of those mortgages are owned by individual investors, pension funds, etc...
Reid Fatigue is real.
Harry Reid has a plan . . .
Haha. The Rethuglicans are so desperate now that they'll even promote the greedy, stealing bailed out banks just to try to trash Reid. Companies like BofA pushed homeowners into subprime loans when they actually qualified for better, engaged in selling risky "mortgage backed securities" and "credit default swaps" to make a fast buck off their debt, and went to the government begging for bailout money after the deregulation plans they pushed the government to do ten years prior worked out quite disastrously.
And why won't BofA comply with Nevada law? The mediation program was designed to prevent further foreclosures, but it seems BofA is plenty happy with kicking people out of their homes while begging the feds for more bailout money.
I hope Reid works harder in the Senate to pass reform measures to undo the failed 1980s/1990s deregulation agenda and stop the highway robbery these banks are committing.
And btw, I actually am a BofA customer and this bank is notorious for lousy customer service. They screwed up my dad's bank account earlier this year and made him go "overdraft" when he never really went overdraft. They never refunded all the false "overdraft fees" they charged my dad, and they haven't even apologized for ruining his bank account and messing with his bill payments over the summer.
A criminal Senator giving advice to a criminal banking enterprise. To heck with both of 'em.
I was told by BofA rep that I had to try for a
refinance before I could consider modification, and was referred to a local branch to apply for
the refinance.
When you apply for the Making Home affordable plan
your loan has to be backed by Fannie Mae, or
Freddie Mac.
Mine was a Countrywide toxic loan. BofA bought
Countrywide.
nobody at BofA held a gun to the head of the fools who got these loans. those idiots deserve foreclosure. people need to take responsibility for their OWN decisions.
secondly, blame the government for giving BofA a bailout. they should have said NO !
Well, at least he proved Tark the Junior Shark correct today.
Sorry, I've got to agree with S. Reid on this one BOA should also offer help for those that AREN'T in trouble and just want to negotiate a lower rate BEFORE there is trouble (yeah, I'm talking about me, former Countrywide customer).
I never ever ever heard anyone complain about the evil banks from 2002-2007. Back then-everyone was all smiles as property values were rising 20% per year. People were putting 2% down and assuming loans that eventually turned out bad. The banks didn't put a gun to your head forcing you to borrow. You borrowed it yourself. Don't blame the banks for your own ineptness. I don't feel the banks should have to modify anything. If I buy a stock at 100 and it goes to 70-I don't have the right to call my broker to modify my purchase price to 75. Real estate is like any other market. It can go up & it can go down. Don't blame the banks because you bought into a bubble.
Highly recommended educational viewing of how the Government made Ken Lewis and B of A an offer they couldn't refuse.
Frontline episode (Sept 2008) BREAKING THE BANK can be viewed at the link below.
Ken Lewis, the CEO of Bank of America, is in trouble -- a stock collapse; a rocky merger; the worst fourth-quarter losses in at least 17 years; a stockholder revolt; an urgent need to raise more capital despite a $45 billion infusion from the federal government; and on top of that, he effectively has a new boss, President Barack Obama.
http://www.pbs.org/wgbh/pages/frontline/...
Enjoy
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Gried gave BoA $97 BILLION in the so-called "Stimulus". What have either done for NevaDUH lately?
When you sign a document of financial obligation for a term of thirty years, might you take extra time to consider the import of such a matter? Further, what is your word worth? Forget the consequences of something changing..it always does. I live with my mistakes and would hope others do as well. Reid and others want to cushion the fall of the hapless and truly uninformed (by their own lack of foresight)by placing the blame on someone or something. Where we they when I went through the two Arab/Israli wars in the seventies? Interest then was 13-18%!!! Suffer mightily and learn something from it. I have and it made me a stronger and better man.
Foreclose em. These dead beats want hand out after hand out. Its not B of As fault and we all should not pay to house a bunch of servers in 2 story houses. These people are nuts.
cpa_ken -- wow, you're ignorant. Read that old U.S. Supreme Court case _Hale v. Henkel_ for clarification. Corporations, including national banking associations, are creatures of the laws that create them. They're always directly accountable to their creators. Even without the bailouts Senator Reid as a federal lawmaker has plenty of power to intervene with BofA for his constitutents.
azbycx0918, racethree and ilk -- your ignorance is even more overwhelming. BofA often can't even prove it holds the notes on the properties it forces into foreclosure. Dunces like you actually think mortgages are just contracts. The entire obligation is the actual, physical, signed note. Try cashing a copy of a check some time instead of the original. Same laws are in play and they're centuries old. Use NRS 104.3501, people -- that's the silver bullet.
In my opinion the government started this by lobbyists who forced the government to pass laws and pressure banks to open lending to people who shouldn't have ever owned homes.
Then lobbyists and government pressured banks to keep lending and lend more and more for about 10 years.
Now government wants to fix the problem they blame on the banks.
The real problem is everyone is to blame including homeowners, banks, mortgage brokers, real estate agents and so forth....
Everyone was greedy and thought they could profit. You honestly cannot expect me to pity the person who bought a $200,000 house on a $20,000 salary, or the person who bought a $300,000 house on a $30,000 salary. They did so to flip the house after paying interest only for the introductory period. These people really need to suffer the credit hit like everyone else. Not a bad deal if you ask me...
Banks lent the money expecting to get paid return of interest then have the homeowner improve their situation or sell at a profit collecting fees as well. They are now writing off huge losses which I also believe is fair.
The mortgage side was gluttony with all the sales from 2002-2007, they really should have saved a large portion of their income, but they for the most part chose to spend like times were never going to change. Now a lot of those folks are on unemployment crying wolf because they made bad choices as well. I also think this is a fair result too.
It's life, free enterprise and the way the world has always worked. Why should we now set the precedence of do over's when people and businesses make mistakes. Learn and work hard to get back ones wealth is the American way, not looking for do overs like you are a kinder gardener. I don't go into a casino, lose $10,000 then demand to get $9,000 of it back. This is a very similar situation and I am appalled that people want to treat themselves as victims here. What happened to American pride???
For those of you who are choosing to pay your mortgage and are staying in your homes when you could walk away; I respect you and think YOU are the ones if any who should be getting a tax break or handout. Reward those who deserve it...
Once purchased a home on a credit card, put a couple months of work and paint into it and sold it on contract the third month for 4x my investment.
Many people don't realize financial institutions front load mortgages with interest, meaning the first decade or more of monthly mortgage payments is virtually all interest paid to the lending institution with nothing (equity) actually purchased. Not only that, but by the time you've completed your 30-year purchase agreement you've paid 3, 4 or more times the original purchase price of the home.
One way to significantly reduce the amount paid for a home is to divide the monthly payment up into weekly payments e.g. pay $250.00 weekly on a $1000.00 monthly mortgage, which reduces the daily interest charged on the loan's outstanding balance.
You may drastically reduce the total price paid as well as loan's term by making additional payments on the principle in conjunction with the weekly payment plan previously described.
Note: Lending institutions that prohibit or attempt to penalize such loan repayments are best avoided -- check to see if your lender will accommodate -- also check to see if refinancing at a lower interest rate is viable.
: }
Texexnv & atdleft, BINGO! WE HAVE A BINGO!
ding ding ding ding ding!!!!!!!!!!!!!!!!!!!
BoA got their asses bailed out by the FEDS,
with YOUR MONEY, and they are refusing to re-fi
because it is not "financially viable". B.S.!
They aren't cooperating with people on re-fi's because THEY CAN MAKE MORE DOUGH if they don't.
One last note:
By the time you've paid off your 30-year mortgage, you can now look forward to paying "monthly rent" in the form of a property tax bill that will likely exceed what your monthly mortgage payments were.
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Get on the phone Harry....problem solved!!!!!!!!!!
When are the people finally going to get it? The banks are not in the welfare business, they are in the MONEY business. They are in business to MAKE MONEY and TAKE MONEY from YOU! Do you think Bank of America cares about modifying your loan or foreclosing on your loan? Of course not. They care about MAKING MORE MONEY! The more they prolong this modification and foreclosure process, the more MONEY they make from the investors who actually own the loans. Oh, and the $75,000,000,000 (staggering seeing all the digits, isn't it?) that they already received from the government? Idiot homeowner, the banks are not going to help you with that money. The banks will pay themselves BIG, FAT, JUICY BONUSES. Get smart, homeowners! Protect yourselves! The banks and the government are NOT looking out for you!
Here's another plan - take responsibility for your own decisions and actions. The economy will ebb and flow and planning for the hard times is what is needed. Unfortunately when the economy takes a dump many people lose their jobs and it's nearly impossible to plan for that.
To expect that the government will come along and take care of you is ridiculous. Harry Reid is concerned about his re-election - nothing more. He is recession-proof and he pretends to care. His actions should land him in prison.
Those of you who pile praises on Reid really do know better - you're just singing the party song. You're a Democrat and you believe keeping a Democrat in office is all that's important. Sad, you're so misled.
Larry5 says "here's another plan-take responsibility for your own decisions and actions."
Hey Larry, you mean like Bank of America did?
You "responsibility" goofs are really barking up the wrong tree!
Many years ago there was a Texan in a rural area who ran an early frontier bank. During the depression, he did an extraordinary thing. He agreed to reduced house payments for customer in his community by not only lowering interest rates, but also greatly reduced principal amounts, based on extraordinary market conditions. He still profited, and everyone kept their home.
He has been remembered for decades by family names in this place as a man of integrity and wisdom, someone who was vital to the early growth and sustainance of the area.
Of course, he did not have to answer to shareholders.
gmag39 says "you "responsibility" goofs are really barking up the wrong tree!"
It sounds like you want everyone who is currently underwater on their mortgage to simply stop making their monthly payments. Do you have any idea what the ramifications of 80% of the population of Las Vegas defaulting on their mortgage would be? I know it sounds cool to tell the banks to screw themselves, but from a practical standpoint what your suggesting would result in anarchy. Commerce of all sorts would stop and our physical safety would be jeopardized. Is this really what you want?
Face it -- the Vegas Valley building boom over the past + decade only happened because of the wide-spread availability of credit -- lenders were giving money away while developers and realtors were reeling in the fish not only on the residential side of the boat but on the commerical side as well with rubber-stamp approval from local as well as federal agencies.
Take a ride around and note the plathora of empty structures that will likely NEVER be occupied because credit has now been the one reeled-in.
Looking back, an amazing run to say the least that simply "crapped-out" Vegas style.
Harry Reid is simply seeking votes here as he and his congressional cronies essentially run B of A.
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Should do more in America. True american way of exertion. So and one more time; to be or not to be, oh great America.
Azbycx0918> The Making Home Affordable program is not for investors. It is for a primary residence only. I appreciate that you are taking responsibility for being upside-down in your investment properties. As it was an investment, that is the proper thing to do. Investment involves risk and you have accepted that risk. I made no mistake in buying a house as my primary residence only to see it's value decline 50% because of commercial institution malfeasance and lack of government oversight. Both are responsible and both owe me. That is the bottom line.
Mr. "I saved City Center" aka Harry Reid, have you ever thought that maybe just maybe it's because of YOUR parties policies that everyone is in this mess. Your poor leadership in this economic crisis is to blame. I will listen to Bank of America before I listen to you ever again. So quit patting yourself on the back and telling us how "great and powerful" you are, we're sick of hearing it.
azbyczxetcetcetc...
NO. I think B of A should work with people to get their mortgages under control; But they will not, because they can make MORE MONEY by having you default! Capiche?
B of A must do more? Um Harry how bout you do something to help out people in Southern Nevada?
I have a hard time blaming people that tried to get a loan that they couldn't afford. That's why everyone fills out a loan application so the should be expert of all these lenders determine whether or not the loan can be made. This is put in place to protect the lender and it's investors. as well when people put their money in the banks they are trusting the bank will be resonsible with their money. If someone making 20,000 a year walked in to a bank as was giving a 2 million dollar loan most of america would be wow lucky him. and say who was the idiot that gave this person 2 million dollars. it is ovious greed is part of human nature thats why we have loan officers and stuff. So I truly feel the lenders and the laws that govern the lenders is 100 percent at fault and they need to share the burden for all homeowners who are upside down as they are the ones who caused it. here the banks that caused this are getting money lent at 0 percent interest who have shown they are irresponsible with money but the home owner who has been responsible can't even refi or even get a dollar. One of to things need to happen either all americans need to pull their money together so we can bribe and lobby like the corporations to get equal representaion or we need to pass laws to stop corporate lobby and bribes and start making it the criminal offense it already is.
Harry, can I get a loan from BofA for 500 bucks? I'm trying to stock up on Bud Light and toilet paper for the holidays, Thank you Harry.
AZBYCZ you are right!
I am in a similar situation, but with only 1 property. I put down $60k and am now underwater around $40k with a Countrywide, now BofA mortgage (serviced by BofA, actually FANNY MAE owned) of around $140k. I fully agree that the loss in mine, but I also feel that the government has some responsibility as their policies and corruption caused the run-up and subsequent collapse of the real estate market. I don't feel the lenders should be forced to absorb any of my loss, (they wouldn't have got any of my gains, had I had any) but if the government gives BofA any tax payer money to help borrowers, I want my share. Of course I won't get any because I'm considered a rich investor and this whole fiasco is designed to take my money and give it to dead beats that don't make their payments and honor their own word. If allowed, this administration will knock down the value of everything the American people have worked so hard for, then we can all be equally poor.
Harry, make that a 1000 bucks. I'm having company over for the holidays.
BRINT you are wrong! You bought your home as an investment just like everyone else and I bet you didn't put down the normal 20% If you bought a home for more then you could afford to pay for, you are part of the problem and nobody else should absorb your loss! To say that your home was not an investment is not being truthful. This problem will never be over if people that can not afford homes are allowed, by some government subsidy to continue to own these homes, this will destroy the value of everyone else's property.(this is what Obama is trying to do) The ONLY way we will get through this is by letting the market work! Those that over leveraged themselves and took on more then they can afford must be relocated into rental homes they can afford, then they can start working and saving toward home ownership in the future.
tomfranklin -- Countrywide was notorious for sloppy bookkeeping. BofA's takeover resulted in a lot of lost notes. Look at your copy of the note. Near the top of the first page is the bit with the Borrower's Promise to pay. Then look at the language under it -- you'll see ONLY the Note Holder is entitled to receive payment. And since it's likely "BAC Home Loan Servicing, LP" who's demanding payment from you now -- if they can't show you solid proof it is now the Note Holder, you are not obligated to pay it any more. It's really that simple.
Go Harry, go man. New York Times at 5:47 posted the lastest statement from Bank of America.
B.A. needs to sell stock before repayment of the TARP Loans that total approximately $50 billion dollars. Good luck. Then the executives will consider repaying the loan from the Feds. Marshal and Isley of Wisconsin did a different dance and the Feds will be earning money off of the stock of M & I. Soo, Bank of America, GOOD LUCK convincing your stockholders that the loans must be paid through common stock and preferred stock.
Harry Reid is just too old to do this work. I bet he takes a nap in the afternoon. Why do we keep electing these old ffffffarts.
let me get this straight, brian t
signs a contract voluntarily to
buy a house for a set price that
he agreed to. he also lives in the house.
what is his beef ? the price of assets
can go up but they can also go down.
oh wait, i forgot, people like him are
not responsible for their decisions, it is
always someone else's fault.
Sharp: I'll bet he checks his underdrawers after he farts!
Didn't he serve his country during the Korean War in the Washington Capitol police ("The tourists (aka taxpayers)smell")?
How tough is obtaining credit?
A local banker recently indicated that she's been turning away the vast majority of consumers seeking credit cards due to the requestor's very poor (high-risk) credit rating; noting that she was only able to approve two applicants out of roughly sixty requests over the past four weeks.
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I have a home loan with B of A. Every month they send me a statement, Every month I pay it. Works out great. Of course, I bought a house within my means, and did so before the price run up of 2003-07. It doesn't matter if one is upside down or not. If you borrowed the money, YOU should pay it back. By the way, If one adds even a hundred extra to each payment, it will shorten the term by a few years. My statement shows a detailed balance every month. Very easy to read.
Anybody who defaults on a mortgage should be banned from another mortgage (at any bank) until they pay their past obligation in full. It is not the lenders fault if you overpaid.
I see BofA is now doing more... they're paying back the US loans so they don't haveta listen to this old washed up politico tell em what to do. What power Reid wields <eyeroll>
This is the great American failing, and the dark smelly underbelly of democracy and capitalism. Lets just hope that idots like Chris Dodd, Barney Frank, and Harry Reid are all removed from office next round of elections, and a new generation of idiots can try to make things better..
hey harry, why don't YOU do more.
"Anybody who defaults on a mortgage should be banned from another mortgage (at any bank) until they pay their past obligation in full".
hey, Baked, all the big lenders got bailed out for making poor decisions, and those guys are supposed to know better. where's the bailout for all these homeowner? oh yeah, still in the back pockets of all the big lenders.
bam1969 : Did you know that real estate agents and mortgage lenders across the valley are encouraging people stuck in worthless properties that they payed a fortune for before the bubble burst, to stop paying their mortgages and are getting them into new homes at current market value, basically sticking their old home up the lender's wazzu, and in some cases they are even renting the old house out making a profit before the bank forecloses on it.. These people should go to debtor's prison!
i do know about that and i agree with you. i know someone who foreclosed 9 properties within the last 2 yrs and is now buying up more properties again. my point is that if all these lenders made mistakes and got rewarded why shouldn't the individual get some slack, too?
Reid Won't Discuss Economic Damage Forced Health Insurance Costs Will Cause Real Estate Industry:
After the Health Care Bill passes, the annual costs of Forced Health Insurance will disqualify millions of home buyer mortgage applicants, needed to support Home selling prices and values; it is foreseeable Home buyers will increasingly qualify for smaller mortgages. For many, health insurance costs may equal their paid Income Tax increasing the risks of mortgage default. Homeowners who can't afford health insurance or opt-out penalties, IRS can file liens destroying their credit; families deemed not poor by Government for subsidized insurance, may have to sell their homes or borrow money to buy health insurance or pay Opt-Out penalties with money needed for medical expenses.
Falling home prices and values continue to lower property taxes, forcing local governments to layoff workers and ask federal agencies for money; increasing federal deficits. Historically dropping home values cause unemployment in real estate industries, e.g. construction and manufacturing.
Why should BofA do more now? They already did more by bowing to the liberal legislatures who said high risk people should be able to buy houses. Now they are defaulting and it's the banks duty to make all well?
What we need are real penalties for running up your bills because you just had to have that 5 bedroom house, the new Wii, the super large widescreen TV, the DVD collection that rivals Blockbuster's inventory, the new computers, and the his & hers SUV's in the driveway. Enough of this just file bankruptcy and watch all your foolishness go away.
Who do you fools think have to make good for the losses of the banks? WE ALL DO ! ! ! ! ! !
We do it in the fees, and charges, and low interest rates on savings that we are assessed.
B of A claims that it will return the 45 billion it received in bailout money to the taxpayers. right.
tomfranklin> Whoever said I couldn't afford my mortgage? Oh, the people who assume everything. Not surprising. Your capacity for understanding the big picture is unfortunately cloned across the country. "The only way to get through this is to let the market work!" If the market was allowed "to work" then Bank of America would have filed for bankruptcy. Now they are borrowing money for next to nothing. You now advocate for the large lending institutions to operate above market principles while I must adhere to them? Why isn't a good Republican like yourself advocating for a trickle-down? You are a contradictory mess.
milfy2001> I can't even address your statement except to shake my head and laugh.... or cry...