"From each according to his ability, to each according to his needs."
Posted on 05/08/2012 10:05:22 AM PDT by edcoil
Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.
The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.
(Excerpt) Read more at finance.yahoo.com ...
No freedom loving American should have anything to do with BofA.
OK. Wow. I haven't seen that movie in, years, but that is exactly what came to mind with that single still.
How come I can't remember someone's name that I met 5 mintes ago?
AVERAGE of $150K?
Hell, that would pay my mortgage off!
What a responsible fool I have been! I should have stopped my mortgage payments when I was laid off.
You are absolutely right. BOA is a good example of what happens to those who think they can bend under the pressure and survive. These thugs need to hit a brick wall in every way no matter what from day one.
All you have to do is ruin your credit rating for 7 years, and you get a deal : )
So, Bank of America wants to reward their deadbeats while their honest, responsible customers get nothing.
Tomorrow I am closing my BoA checking and savings accounts as well as my credit card.
I will do my part. Screw them.
I have resisted refinancing precisely because I don't trust what will be buried in the contract vis-a-vis "updated user agreement."
Rewards for the irresponsible!
"From each according to his ability, to each according to his needs."
I buy a new Car. I drive it off the lot and the value drops
10% as soon as the tires hit the asphalt on the public highway.
I go home and miss a few payments while I cruise around without a care in the world. The Bank sends me a letter telling me that they will forgive a third of what I owe on the car and my Payment will adjust down accordingly.
Got it.
I just read something about this deal that seems funny.
This applies to mortgages owned by B of A. Does not apply to mortgages owned by Freddie and Fannie.
Doesn’t F&F own all the mortgages issued since about 2007 or 2008?
If that’s the case, then no one will qualify.
Given the corrupt nature of obama run banks, I would bet that all this is for show, obama takes the credit, and no one comes out better for the show.
Ptomkin banking at it’s best.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.