Users who Dugg This
Shelly Cooper
1378 Followers
Russ Smith
18392 Followers
NewsMeBack
6467 Followers
Asia Food Guide
108 Followers
Michael Westen
2691 Followers
stubearMay 12, 2011
It's time our government stopped taking these bribes and started putting some of these people behind bars.
Closed AccountMay 12, 2011
companies are people too now, and they have rights, which means they also have the right to remain silent. with as much crimes as companies are committing, I find it odd we aren't seeing people jailed left and right yet.Comment is buried, click here to see the rest.
sux4buxMay 12, 2011
Which means they stand to lose 20 times that if their fraud is fully exposed.
adam1378May 12, 2011
I "had" a mortgage with Bank of America and this year was my foreclosure. BofA actually had changed the locks of my house before I moved out then claimed a miscommunication and gave me the key. I tried to stay and negotiate my loan but they made more money from the gov't not negotiating then helping me stay in my home. FYI I bought my house in 2003 for 68k and this year it sold for 9k in perfect condition. BofA can suck my a**
laurahoustonMay 12, 2011
yes Bank of America was one of the worse and still is...all banks really are enboldened to take full advantage of anyone they can.
youraveragejoe1May 12, 2011
That sucks dude. One of the reasons I'll never do business w/ BOA.
bcarl314May 12, 2011
Wait, this doesn't make any sense. You had a foreclosure, but then sold you house? Once you're foreclosed, you don't own the house, did you mean that BoA sold your house for $9k or did you do a short sale? And you bought it for 68k? At 8% (which is a high rate) that's only a $570 / month payment (plus property tax). Even working am $8 - $10 / hr job, you should be able to afford that payment. And other than get rich scams, I've never seen a house go for $9k in "perfect condition".
Then a post later you said that you had $20k in back interest, that's nearly 3 1/2 years of non-payment?
While I agree that BoA sucks, and hard, your story doesn't really add up.Comment is buried, click here to see the rest.
adam1378May 12, 2011
I didn't sell it. The sale was a sheriff sale or Foreclosure sale. I made nothing. I put new windows, roof, siding, and remodeled the bathroom, kitchen, hardwood floors, and new paint everywhere. Also waterproofed the basement. I lost my a** on that investment then sued for the interest and insurance they made me have I didn't pay.
bcarl314May 12, 2011
So this was an investment property vs. a homestead (i.e. you weren't living here, but flipping the house?)
adam1378May 13, 2011
Nope I was living there. It was my first house.
adam1378May 12, 2011
And with Escrow the payment was 680/m not including all other expenses. I used to make 20/h but was laid off so I used to bring home 2500/m. Now I make 12/h but have to pay health insurance, truck payment, etc... my expenses exceded my income by over $300/m...and I live in Flint, MI, look up the struggles of my city.
FC_DealsMay 11, 2011
I personally think they need to be paying much more.
amyvernonMay 11, 2011
Oh, yeah, I really trust those guys.
bobosmitorMay 11, 2011
Uh huh. Me too.
ridgerunner5May 12, 2011
Doesn't offering money to settle a probe equate to a bribe?
cupofkonaMay 12, 2011
No settlement...full penalties...these are criminals who should be prosecuted!!!!!
bcarl314May 12, 2011
$5 billion? WTF, pennies on the dollar is what they're asking for here. I say f**k 'em. Here's an idea, in exchange for this "bribe" payment, let's rewrite HAMP to FORCE lenders to work with homeowners rather than just take the most profitable option? Did you know that the entire HAMP process is geared to tell banks what will make them more money - foreclosure or modification - and has no enforcement at all? I.e. even IF modification is more cost effictive, banks do NOT have to offer it. I say, fine, lets add cram down to bankruptcy legislation if a bank hasn't made a reasonable modification offer on your home loan, the Bankruptcy judge can change the terms. GOP will, of course, block this common-sense approach (tm Boner)
adam1378May 12, 2011
Oh and BofA had sold my loan to a collection agency and sued me for back interest I didn't pay for a total of 20k.
rass23May 12, 2011
gud
mpenetrabletacoMay 11, 2011
f**k banks.
DURRRRHURRRRMay 12, 2011
So they're offering a $5 billion refund to the government on the hundreds of billions in bailout money they received?
patrickavellaMay 12, 2011
The fact that they even offered that should be illegal.
soupgfxMay 12, 2011
US Gov't = FAIL (again)
dfhraceMay 12, 2011
Put em all in jail!
laurahoustonMay 12, 2011
"would in part pay for principal writedowns""
yes, now they are on the right track except 5 billion is not enough. The 20 billion origional offer is what should be held to to 'settle'
Otherwise take it to the courts and make the banks pay 500 billion or more. maybe a couple trillion is more like it.