I may be nuts but it seems to me that they, whoever they are, are trying to rip every dollar possible out of our economy.
My son has a mortgage with countrywide. A bank that is belly up and being sold. He got an offer for insurance from this bank today and he also got another letter offering him a consolidation loan. They say he must respond by Nov. 16.
Now how can a company that is out of business go around making loans?
I should probably ad that my son has had this loan for only 11 months, but he put down more than 20% and he has made every single payment and on time....a novel idea I know:/
Actually, B of A bought out Country Wide.
Your son is apparently a good credit risk.
I posted yesterday that those of us with good credit ratings will be receiving great loan offers. This actually started this July and continues today and will continue.
The reality is over 90% of us are paying our mortgages on time, off our credit cards or on time and other debts. The non payers for the most part should have never gotten loans.
However for many deadbeagts the loans and now non payment were a form of reparations going back decades.
WE have a 15 yr mortgage with Wells fargo, are on our 11 1/2 yr with never a late payment. We get offers to refi daily thru Wells Fargo (lol), CITI, and Capitol One. Some others come in occasionally too.
There is money out there for people they know are gonna pay it back.