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Digital News Report – Bank of America has begun a plan to help homeowners who owe more than their homes are worth.
Many Americans are assigned loans with interest rates that have adjusted up. Now they find themselves underwater with payments they cannot afford. BofA, like other banks, don’t want to take back these homes.
Bank of America acquired many of these loans with their purchase of Countrywide. The loan modification programs over the past few years have not performed as expected, but that may change.
There are incentives for banks to work with their customers. Bank of America is working with homeowners in conjunction with President Obama’s loan modification program.
Recently President Obama modified the Making Home Affordable Program. This program is free to the user and may help many homeowners affected by the bad economy.
By: Tina Brown
Please,help me and United Law Group send a message to BofA which states, that we will no longer tolerate their potentially irregular, fraudulent and abusive business practices. In the end, the American tax payer did not fail to deliver the BofA bail out in record time, but BofA failed to deliver the American Tax Payer’s bail out in the form of a loan modification. It reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.
http://www.youtube.com/watch?v=MIopI2isIKc&feature=related</P
Have you seen the little piggies
Crawling in the dirt
And for all the little piggies
Life is getting worse
Always having dirt to play around in.
Have you seen the bigger piggies
In their starched white shirts
You will find the bigger piggies
Stirring up the dirt
Always have clean shirts to play around in.
In their ties with all their backing
They don't care what goes on around
In their eyes there's something lacking
What they need's a damn good whacking.
Everywhere there's lots of piggies
Living piggy lives
You can see them out for dinner
With their piggy wives
Clutching forks and knives to eat their bacon.
This scripture Also reminds me of BofA:
Revelations Chapter 18:
"THEY LIVED IN SHAMELESS LUXURY ……" I think of the BofA and the people at the top when I read this. I am not suggesting that this scripture actually means that it is BofA. I am just simply suggesting that there are similarities. Never the less, these CEO people probably live in their mega mansions in no fear of foreclosure. After all, we do not read anything about the CEO of BofA being foreclosed on. Instead we read in USA Today:
“Bank of America and two former top executives were charged with securities fraud.”
Was anybody really surprised? I remember it seemed like the Countrywide CEO retired the minute the housing crisis broke out. Remember those articles that stated:
“Countrywide Financial Corp. CEO Angelo Mozilo, under fire over the size of his potential payout from the proposed sale of his troubled mortgage company, says he is forfeiting some $37.5 million in severance pay, fees and perks he was scheduled to receive upon his retirement.” Wow! I wonder what his house looks like!? Well at least he got his bail out or modification from BofA.
Too big to fail banks such as Countrywide and BofA, were basically giving out loans that they knew that people would default on. This was done with practically no verification of income. Subsequently, these piggy banks would make millions upon millions of dollars. Leaving the American economy holding the bag full of bad loans. Once the piggy banks realized they had zero accountability, because Wall Street would buy these bad loans, they did not care. This is really where the problem starts. In the end, it seemed that their love of money, would be more important than their love of country. Basically because they knew that it was going to severely damage the American economy. Which incidentally Communist Russia was not brought down by nuclear weapons, but a failing economy. I mean if this were Iran or some other country, it would be considered an attack on the American economy. Ironically, the potential enemy here would not be named Iran, but MORE IRONICALLY NAMED Bank of America. Talk about being hung with your own rope! Maybe they should be named more appropriately “Bank of Defrauding America.”
The little piggy banks potentially caused the whole crisis by:
One:
Giving out loans to people who could not afford the loan. In retrospect, they sort of controlled the price of houses with their invisible money, as well as qualifying unqualified borrowers. Thus resulting in flooding the housing market with people who actually could not afford the home they were purchasing. Less homes available on the market will drive the price of homes up. All this was done with them knowing that the market would eventually be flooded with foreclosures on the people they gave loans, that could not afford the payments. It was like a dam broke open flooding the market with foreclosed homes.
Two:
Making us lose our equity. The result of the instant flood of foreclosed homes on the market would result in driving the price of our homes instantly down. It seemed like we all lost our equity over night and we all became upside down on our loans. Basically our houses were not worth even what we bought them for or borrowed the money for. All potentially caused by the piggy banks.
Three:
Asking for a Bail out: BofA would have the audacity to barrow something like 25 billion dollars from the American Tax Payer. Then they turned around and said they didn’t need it. Of course they didn’t! They sold the loans off! But what did they do with the nearly 25 billion dollars while they had it? They probably put it in an account and collected millions in interest. Basically free money! So the piggy banks would actually be paid and rewarded for their bad behavior and potential crimes. Well how about giving us a billion to put in the banks and collect interest on for a few months. We will also give it back after we make all the interest off of it.
Four:
False promise of a modification: Then piggy banks promise the American people a bail out in the form of a modification. In which they delay, harass and abuse the people asking for them. Which makes us all suspicious and wonder what are they are actually up to now? But what a slap in the American peoples face, after we delivered their bail out in record time. What have they done with that three month trial period money that we gave them? Probably put in the bank and made interest on it again! Sounds like we are being used over and over and over again! Depending on BofA’s integrity and empathy in the form of a loan modification, is insinuating that they had any integrity or empathy to not cause it all in the first place. I see it as equivalent as asking the bully who just stole your lunch money for a loan!
Five:
In the end Thomas Jefferson was right:
Thomas Jefferson 1802
‘I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their ufathers conquered..’
Revelations:
“RENDER HER EVEN AS SHE HERSELF RENDERED, AND DO TO HER TWICE AS MUCH , YES TWICE THE NUMBER OF THINGS SHE DID; IN THE CUP WHICH SHE PUT A MIXTURE PUT TWICE AS MUCH AS THE MIXTURE FOR HER. TO THE EXTENT THAT SHE GLORIFIED HERSELF AND LIVED IN SHAMELESS LUXURY.”
Is it time to start pouring twice the measure into BofA’s cup!
I have filed a lawsuit against BofA . Please read article at
http://news.yahoo.com/s/prweb/20100323/bs_prweb/prweb3766544_1
Thank you for your support.
John Wright
Homeowner and Taxpayer
God Bless
Look! One of the little Piggies was before a commission on 04/09/10! Guess what he said in regards to himself and his management team? “We all bear responsibility for not recognizing this, and I deeply regret that”
My Answer:
NOT HALF AS MUCH AS WE ALL REGRET WHAT YOU DID! I mean after all, I am sure his mega mansion is not in threat of foreclosure. I wonder if the CEO of Bank of America and Citigroup live in the same neighborhood? Because I know they do not live in ours after I read this:
“Prince left the bank in 2007 with almost $40 million in bonuses, shares and options. Citigroup paid Rubin more than $120 million for his work at the bank over several years.
Bad bets on repackaged debt securities, consumer loans and other assets forced Citi to take three separate government rescue packages totaling $45 billion, more than any other major bank. When the dust settled, taxpayers held about a third of Citigroup’s common stock and $27 billion of its debt.” See guys, shameless luxury! (Yahoo News)
My Answer: See! They did too do modifications! THEY MODIFIED THEIR INCOME! So lets not say they did not do any modifications.
Here Comes The Apology!:
“Chuck” Prince, former chief executive of Citigroup, apologized for his role in the crisis that roiled the U.S. economy.” (Yahoo News)
My Answer:
Does that mean if Bin Laden apologized, we will forgive him and he can go back to his palace too? Because the last time I checked, Bin Laden played a part in a crisis that roiled up the U.S. economy.
What did the Commission Think Of His Testimony?
“Some members of the Financial Crisis Inquiry Commission — charged by Congress with explaining the origins of the worst U.S. financial crisis since the Great Depression — did not buy the two executives’ half-hearted mea culpas.” (Yahoo News)
My answer:
AND NEITHER DO WE!
“Vice Chairman Bill Thomas pushed the Citi executives for some explanation of how they personally square the bank’s financial calamities with their own lavish compensation packages, “saying, “Behavior has to have consequences.” (Yahoo News)
YAH LITTLE PIGGIES! HOW DO YOU ANSWER THAT QUESTION?!
Please feel free to support my lawsuit against BofA with your comments at:
http://news.yahoo.com/s/prweb/20100323/bs_prweb/prweb3766544_1