Skip to comments.Bank of America forgiving mortgage loans
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 ...
Bienvenidos a Argentina
No one paid or forgave one dime of my mortgage which I responsibly paid off. What I fool am I.
Will the taxpayers make up the difference?
"Do I really need to say it?"
Where do I apply for this?
This was sent to me by email a few days ago by someone in the banking industry who got it from a friend:
Sent: Sun, May 6, 2012 9:11 am Subject: Bank vs. America: Wednesday in Charlotte
There’s a showdown between the 99% and Bank of America next week. People are protesting at the the BofA shareholders meeting in Charlotte and at solidarity actions nationwide. There’s a protest in Charlotte at 8:15 AM. Can you make it?
RSVP for the Protest!
Dear MoveOn member,
Given recent history, Bank of America should be rebranded “Bank vs. America.”
While our economy tanked, BofA made billions in profits by dodging taxes, illegally foreclosing on homes, and squeezing customershitting communities of color especially hard.1
But this spring, tens of thousands of people were trained to fight back against Bank of America and big corporations. We know that Bank of America is susceptible to public pressureremember when they tried to hike debit fees last year?3
That’s why community leaders and activists are blending street theatre with protest to get the attention of top BofA executives and the media. BofA’s so nervous about bad publicity that the city of Charlotte will enforce a draconian protest law that allows police to search someone for having a bike helmet or magic markerbut that can’t silence the 99% in North Carolina.2
We can ratchet up the pressure on Bank of America with media attention and scrutiny by voicing our grievances at their annual meeting. We’re rallying in Charlotte on May 9 at 8:15 AM. Can you make it?
Yes, count me in for the protest!
To show Bank of America that we won’t take more of the same, May is “Move Our Money” month for the 99%. We’re withdrawing our hard-earned money and switching to community banks or credit unions instead. Big Banks stand to lose $185 BILLION over the next year because of customer defectionsand BofA is particularly vulnerable.4 Bank CEOs aren’t responsive to pleas for help from struggling homeownersbut we’ll get their attention when we put a dent in profits and a spotlight on their greed.
Can you stand up against Bank of America in Charlotte on Wednesday, May 9, at 8:15 AM?
Yes, I want to RSVP!
Thanks for all you do.
Elena, Victoria, Ryan, Wes, and the rest of the team
P.S. May is “Move Our Money” month. To learn how to move your money (or document money you’ve moved already), click here.
1. “Why Mobilize,” Unity, accessed May 3, 2012 http://theunityalliance.org/why-mobilize/
2. “Duke Energy, Bank of America shareholders meetings to fall under strict security rules crafted for Democratic National Convention,” Charlotte Business Journal, April 30, 2012 http://www.moveon.org/r?r=275098&id=40765-3616170-%3Dp6h_Xx&t=4
3. “Bank of America drops debit card fees,” USA Today, November 1, 2011 http://www.moveon.org/r?r=274792&id=40765-3616170-%3Dp6h_Xx&t=5
4. “Move Your Money: Faith Leaders, Activists To Target Wall Street Banks Throughout Month Of May; USA Today, Think Progress, May 2, 2012 http://www.moveon.org/r?r=275196&id=40765-3616170-%3Dp6h_Xx&t=6
Want to support our work? We’re entirely funded by our 7 million membersno corporate contributions, no big checks from CEOs. And our tiny staff ensures that small contributions go a long way. Chip in here.
PAID FOR BY MOVEON.ORG POLITICAL ACTION, http://pol.moveon.org/. Not authorized by any candidate or candidate’s committee.
So, if I over bought, and under paid, I get a $150k bonus, but if I was responsible, I don't.
Does the reduction become a taxable gain?
It is actually good business. Many of these homes will become bank property after they are put through costly foreclosure proceedings, subject to theft and vandalism while empty and large sales costs and price concessions.
In addition, the excess inventory in the market will tend to bring other home prices down and subject other properties to the same fate.
I bought a house I could afford and paid it off well ahead of my mortgage schedule. Man, I am a sucker.
If you felt morally responsible to keep paying for an underwater home you are a SUCKER.
The banks usually let politicos and their insider pals in on the deal and they buy the properties on the cheap and turn around and sell them at a huge profit....but you have to be in a position of power to have access.
Maybe it’s just a good business decision on their part to limit their losses. They may still come out ahead on these loans if the interest payments amount to more than the amount they are reducing the principal. Even if they lose a little it may be a better alternative than letting the loan go into default and foreclosure.
Me either. What utter fools we are, bgill.
Maybe we can get a “Free $150,000 Forgiveness Check” from BoA, and just bank it, tax-free? </s!>
HA-HA, you suckers who sacrificed to pay your bills on time are out of luck!
The grasshoppers win again.
Have you seen their recent TV ad? A whole parade of people touting the bank, and the only White guy is about as masculine as Dolly Parton. Somehow, in my mind, this sort of fits with the news posted here - but maybe that’s just my mind.
My mind certainly doesn’t think of doing business with them.
This is only one of many scams we are seeing created to buy votes for the November election. Student loans, mortgages, unions dues skimming, US Post Office payoffs...we aint seen nothin yet! They will pull out all the stops to win this election.
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