I am mad as hell….. 
Through all the years of taking loan applications I have heard many stories. It is not my business why people refinance but usually is to lower their monthly payment by consolidating debt. Regardless of why, I hear the stories during the loan application process. The story below from last week points the gun at why Banks must be Regulated. This is not a bashing. This is a true story that can be backed up with true proof.
We bail them out, but Banks continue to rape consumers.
I had a client last week that called about a loan. His name was Ben Dover. Hang with me, the names have been changed but this is a 100% real story and it is happening every day to millions of us. Mr Dover explained to me that he has somehow survived through this economic mess, paying all his bills on time and supporting his wife and kids, at the same time working endless days running his own business.
He is very proud he chooses not to bail on all his debt, his mortgages, his car payments and other obligations as he watches the growing number of Americans who have given up. He is a fighter! But something happened last week that prompted him to call me.
How does the Government allow this?
My client has clearly battled through adversity and has paid all the BS fees only to get his credit limit cut. Now if I remember correctly President Obama and friends claim that Bank of America is too big to let fail. So the government rescued them several times to the tune of billions of taxpayer dollars. And who is going to have to pay for these financial rescues? But the banks whose own clients have lend to rescue continue with these excessive charges and third world country interest rates. Maybe the movement in America should be to charge up all the available credit possible and then never pay the banks back. After all, what is good for the goose………….
You are one of our most valuable customers Mr Dover…
My client banks with one of the big boys – Bank of America. Matter of fact, he has several business accounts, personal accounts, a few credit cards and even a car loan with B of A. He went on to tell me how tight financially it became last year. Many bills were paid by credit card. Before long his debt accumulated. Surprisingly his business started generating more revenue. Ben Dover began paying down his debt.
Those Bank of America credit cards saved Ben Dover’s financial life. Sure he would call the bank when hit with $39 late fees and $39 over the limit fees. He argued the fact that the credit bureaus regard anything over 30 days as past due yet B of A states in their fine print that any payment received 1 day past the due date would trigger interest rate increases up to 31% APR. But Mr Dover took it like a man. Besides, he had no choice. He was on track to pay off all his debt even if it included hefty fees and unscrupulous interest rates.
Those rotten bastards – they should be shut down 
As the story went on, Ben Dover became more enraged by the second. He told me that as he paid his credit cards with Bank of America down, the bank would cut his credit limit as well. That action not only eliminates any future life line he may need but it also lowers his credit score. And they did it in such a sneaky fashion. Bank of America cuts the credit limit to just dollars above the new balance. The new billing cycle comes and boom - $39 late fee and a $39 over the limit fee.
Corruption and greed within the banking system must be stopped!
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