Bad Loan Pratices
Complaint
Kenneth Peters
Country: United States
I attempted to re-morgage my home for lower intrest rates and smaller payment. After of doing business with Bank of America for 40 years or more, never missed a payment of any type from the bank or other debts, with good to excelent credit scores. I do not understand why I should have been turned down. If the bank was afraid they were not going to get their payments makes no sence to me. In fact lowering my payment would have helped not hurt. Does anyone in the banking business have an sence at all. I think I would rather give some one a loan who has done business with a perfect record than with a stranger who has never been associated with the Bank before. But than who am I but a 69 year old man whos has tried to live and be honest all my life.
Comments
Too high loan to value?
Too low income to debt?
What interest rate are you currently paying?
http://www.nytimes.com/2012/04/03/opinion/noc ... banks.html?_r=1
http://www.sonyclassics.com/insidejob/
The banks take old questionable account information from their years of mergers and acquisitions, and "dump" it, selling it off for pennies on the dollar, but with so many disclaimers that the buyers know exactly what they are buying and what they have to do to collect it.
What they have to do, is lie and cheat.
So, like the Corona Scam, they stake their fortunes on buying this junk, and then they set up a fraudulent machine with multilayered LLCs to collect without validation, making threats, pretending to be "process servers" or "attorneys" or "filing firms", lying and cheating their way to becoming millionares through fraud, and hiding their responsibility behind shell games to get away with it.
This is a "con", and they don't care whether they con some alleged debtor, or some entire stranger. It's all the same.
The banks are destroying the creditworthyness of their own customers, the basis of legitimate lending, by feeding fraudulent collection, and the CRAs are helping them do it.
And the CRAs, those protectors of our identity information, who sell supposedly "accurate" credit reports to the lenders, also sell their information to these debt collection scammers, as well as to anyone with a stolen credit card who wants to buy a credit report, for use in identity theft.
But with all this identity theft, and all these errors on credit reports, some from fraudulent debt collectors, the CRAs will now sell YOU "credit monitoring services", so YOU can attempt to fix the problems created by all this fraud.
This is all sounding like some banking verion of "Catch 22".