Taxpayers screwed again.
First Fannie and Freddie buys this bad paper from BoA per 2008. Federal Reserve buys bad paper from BoA to save them. Both at 1:1 valuation. Now, BoA negotiates a buyback of this bad paper which you can be sure is lower than what it was bought at.So to sum up, America lets BofA off with about 25 cents on the dollar (per the numbers in the article). Yet when a homeowner owes 150k on a home worth 100k, BofA can say I am sorry we can not refinance you, so we will ultimately foreclose on your home. Based on 'idiot math' they paid 2.8billion on around 10billion in bad debt, they have 'profited' over 7 billion. Americans should hang their heads as our government has clearly put a company well ahead of Americans. I closed my account at BofA today. It wasnt much, but it felt good, Please get a checking account somewhere else (Citi will waive all fees if you make 5 debit card purchases per month), I am sure many other banks have free offers. Then let BofA know they are not 'of America', Not even close.
Does anyone have a good experience from BofA? Not kicking them, I have had very nice people answer my calls, but whatever I ever needed, policy wouldnt allow it, or they obscene cost couldnt be waived.
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