Took me from Thanksgiving to March with a refinance from B of A — including about 3 weeks due to their error. It was ridiculous especially since I have near perfect credit score and no non- mortgage debt. They kept coming back with more requests.
“They kept coming back with more requests.”
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I thought I might demand a similar set of “requests” of Chase: My rough draft to them follows:
Dear JPMorgan Chase
In considering our mortgage refinance application process, which is currently in progress with JPMorgan Chase, we would like to know more about the company we may do business with. Towards that end we have comprised a list of considerations we would like you to meet.
1. Internal memos related to stock performance since the 2007 high.
2. Internal memos related to the May, 2012 trading loss, and the Senate testimony of Mr. Jaime Dimon, CEO.
3. A ten year history of changes in credit ratings from Moody’s, S&P, and Fitch.
4. Profit-Loss Statements during the same period.
5. Current balance sheet.
6. SEC Filings during the same period.
Personal credit ratings, and the last five federal tax returns, for all members of the Board of Directors and senior management.
A ten year history of Better Business Bureau ratings and complaints.
9. A ten year history of consumer and shareholder litigation.
Please mail these documents to our home address as soon as possible. Once reviewed, we will contact you periodically for further documents, as well as updates on the original ones.
BOA along with CITI were forced by the DOJ into an agreement to make all the loans they illegally foreclosed on using a robo-signer affordable by their borrowers.
This refinancing was to include reductions of interest rate, forgiveness of some debt, writing off certain additional fees of the foreclosure and extending the length of the loans.
I have gone through the endless requests for new docs, the lost docs and all the other hoops that Countrywide and BOA forced us to jump through.
One must remember that Countrywide was given over $45,000,000,000.00 to rewrite these loans and then BOA was given several billion more to make these loans affordable.
As part of the recent DOJ action, BOA has now been given several Billion again to refinance these loans.