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Bank of America Is Costing Us All Money

By
Real Estate Agent with TIM LORENZ - Elite Home Sales Team DRE# 00919781

Bank of America Is Costing Us All Money

Bank of America will pay $8.5 billion to settle with bond investors.  One of those bond investors would include Pimco in Newport Beach.  When Bank of America purchased the mortgage giant Countrywide they also got their grief.  They had allegedly tricked the bond investors into purchasing mortgage securities by falsely stating the quality of the home loans that were resold.

It was argued that Countrywide enriched itself at the expense of the investors by continuing to service bad loans.  If you note the small banks are closing and do not get Federal bailouts.  Bank of America get a large bailout and favoriable allowances so that they could make great profit to settle this kind of a claim. 

The homeowner gets hit many times by this behavior on such dealings.  The consumer is hit because the large banks and the Federal Government will not help them with the same bad loan problems in loan modifications.  The moneies coming from tax payers go directly to large banks like Bank of America.  The very tax payers that are losing their homes get nothing and the banks, who pulled off the greatest heist in history, get the government to help them our of the crisis they caused.  The cost of the bail out is passed on to the common citizen.  The banks do not want to do loan modifications so few are ever done and raise fees and once again hurt the citizen. 

I could easily go into the rules the government made to allow the banks or even force banks to lend to unqualified buyers but I will not at this time.  The new requlation on banks are the very cause of higher costs to the customers.  That is not the kind of help people thought they were getting.  I believe this is a riged game.  It is neither right or left politics it is Government and Big Banks vs the citizen.  That is not a fair fight. 

As we the citizens are seeing the economy go into the toilet we watch government its employee's and the large (selected by the government) banks making a killing.  It is not big oil nor is it the wealthy that is causing this problem.

Comments (8)

Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

Oh this is a bit of a problem don't you think.  The problem is the Feds and the banks could then use the treasury for their own purposes.

Jul 03, 2011 10:51 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Thanks for coming by I though I would have more comments on this one.

Jul 03, 2011 11:29 AM
Kay Van Kampen
RE/MAX Broker, RE/MAX - Springfield, MO
Realtor®, Springfield Mo Real Estate

We, the people, need to stand up and fight back.  However, I'm seeing so many homeowners walking out on their mortgages that could actually pay.

Jul 04, 2011 12:37 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

yes we do Kay we need to take back our rights. 

Jul 04, 2011 05:39 PM
C. Lloyd McKenzie
Living Albuquerque - Albuquerque, NM
Living Albuquerque

Unfortunately, the people of this country have been tricked into thinking that most of their elected representatives are representing them.  To the contrary, they are beholden to the corporations and that's the reason why BofA can get away with these crimes  

Jul 05, 2011 02:51 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

C. Loyd

You are correct and it is not all corporations just the ones that make sense to the Government.  They pick winner therefore loosers.  It is not a Republican or Democrate thing.  It is the elite vs the common man.  We need to take this country back.

Jul 05, 2011 05:48 PM
Gene Riemenschneider
Home Point Real Estate - Brentwood, CA
Turning Houses into Homes

It is called Fascism, Socialism, or Communism when the government runs the businesses and picks the winners and the losers.  It is not Americanism. It is wrong.  We need to put a stop to it.

Jul 07, 2011 08:19 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

Gene

I understand that this is a description of Fascism.  However, most do not understand the label and think it is a slur rather than definable. 

Fascism is a system where the businesses are allowed to be private businesses.  The government diitates how the business is to run.  What they will manufacture, or what they are allowed to do (like GM, GE, B of A, Boeing ...etc). 

Most people in this country are not taught the differences.  Because the left in our country refer to Facism as a position on the right and the media supports that characterization.  That definition is actually way off they compete with Communism for the left.  Oh well that is why I usually do not use titles people are too confused with them. 

Jul 07, 2011 08:36 AM