Bank Of America – Making News For All Of The Wrong Reasons.
The latest news from Bank Of America is they are no longer going to offer FHA cash out refinances.
Has anyone else noticed that Bank Of America seems to be making news for all of the wrong reasons? How about the the news that hasn’t been reported, like the fact that Bank Of America is no longer going to offer the popular FHA cash out refinance?
Another dirty little secret about Bank Of America is their policy to refuse to process mortgage payoff requests for refinances. If you have an FHA Mortgage with Bank Of America and you decide to get an FHA cash out refinance or an FHA Streamline refinance with another lender, Bank Of America will not process your payoff request (which slows down your refi!) for your preferred lender until they speak to you and have a chance to “sell” you on staying with them!
It’s bad enough that we, as tax payers had to bail them out but now that Bank Of America has been saved from failing all the news surrounding them looks like a giant middle finger to the collective public.
Let’s take a look at some of the most recent headlines that Bank Of America has been generating.
1) Forbes -Bank of America Has Reportedly Considered 40,000 Job Cuts
Bank of America (BAC) officials have reportedly considered as many as 40,000 job cuts.
The Wall Street Journal is reporting that the cuts, which would come mainly from its consumer operations, would be part of its “Project New BAC” overhaul.
The Journal said the cuts would be in addition to the 6,500 the firm has already made this year.
Click this link Forbes to read the rest of this story.
2) The NY Times – Bank Of America to start charging $5.00 per month for using their debit cards.
When Bank of America told its customers recently that it would start charging them $5 a month to use debit cards, it argued that it was forced to make that change because of regulations that altered the economics of the cards.
Click this link The NY Times to read the rest of this story.
3) National Mortgage News – Bank Of America decides to exit VA cash-out refinance mortgages.
This past week National Mortgage News broke several updates on the bank, including its decision to quit offering FHA cash out refis and VA cash-out refis, the collapse of talks with Fortress over its correspondent unit and its decision to exit six states.
Click this link National Mortgage News to read the rest of this story.
These headlines would lead one to believe that Bank Of America surely must be on the brink of going under but not according to the next 2.
From The Guardian
Bank of America is typical of the trend of increasing profits while laying off thousands of staff. Photograph: Shannon Stapleton/Reuters
In the past few weeks alone, Bank of America, Goldman Sachs, Cisco Systems and Borders have all announced massive layoffs. Borders is closing its retail stores, auctioning off its holdings and letting go 10,000 employees as, due to online competition, the company is no longer profitable and filed for bankruptcy earlier this year. In contrast, Bank of America, Goldman Sachs and Cisco Systems have all posted profits in the last few quarters – in some cases, record highs. Alhough according to the latest data, 9.1% of Americans are unemployed, major US corporations are slashing jobs not out of necessity but out of greed. The revived focus in Washington on creating jobs may be pointless if corporate America no longer needs workers.
This headline is misleading to say the least.
With overall earnings of $2 billion, or 17 cents a share, the bank still missed analysts’ estimates of 27 cents a share. Bank of America earned $3.2 billion, or 28 cents a share, in the same period a year earlier.
Total revenue dropped, too, to $27 billion from $32 billion, a decline partly attributable to the weak economic recovery. As consumers cling to their cash amid uncertain times, mortgage lending has stalled at Bank of America and other giant lenders. The bank, facing new government regulations, also missed out on millions of dollars in overdraft fees and other charges once levied on consumers.
So Bank Of America’s profits drops 37% yet they still made $2,000,000.00 (yes that’s 2 BILLION dollars) and claim they need to charge you $5.00 per month to spend your money, lay off 40,000.00+ of our friends, family and neighbors on top of eliminating FHA cash out refinances.
At what point do we, as Americans and consumers, stand up to these greedy corporate machines?
If you bank with Bank Of America, take your business to a local community bank or credit union.
If you have an FHA Mortgage with Bank Of America, refinance it with another lender like ENG Lending.
If you own shares of Bank Of America, sell them and invest elsewhere.
If you plan on buying a home, do not get your mortgage from Bank Of America.
If you have a credit card with Bank Of America, transfer your balance to another card or pay it off.
All that is necessary for evil to triumph is for good men to do nothing -Edmund Burke
Do your part, take action NOW! Fill out the form below to contact us and refinance your Bank Of America FHA Mortgage.