Financial corruption at Bank of (and in) America

Bank of America knowingly purchased "bad mortgages". Why would any bank accept the governments bailout money, only to purchase other failing banks with books full of high risk mortgages?

My entire neighborhood is a High Risk Mortgage Zone, this is not because the people are bad, or have any history of missed payments. Actually we are a HRMZ because we are the victims. Lenar, sold an entire neighborhood, that in four years has lost nearly 5o% of its value. homes that were approaching three hundred thousand dollars are going for between 130 and 170K. And duplexes going in 165-185k range are now selling at below 95 thousand dollars. our home is worth almost exactly half. And our mortgage with PMI (which Lenar guaranteed would be off in a year. swore up and down to every buyer in our neighborhood) is a terrible payment. Being layed off two years ago has only made things worse fiscally, but opened my eyes at the same time.

These houses were so aggressively overpriced, that they even had a term for it during the buying process "futurepriced". You would think a buyer would run, but these were the cheapest homes in the area, plus were very nice. This was the best deal we could find, and the location my wife and I needed. Now everyone is so upside down, that if the market were to correct and begin appreciating at a healthy sustainable rate, I dont think it will be worth what we paid for it in our lifetime.

There is no fiscal incentive for a homeowner whose house is a liability to continue paying that mortgage. Say after four years, your 100% mortgage was current, and you have never missed a payment. Your house cost 180,000 dollars. You have sunk another 15000 in improvements like fence, hardwood floors, new carpeting, gardens, lighting and other improvements. And now you find out you have no equity because the market value for your home, for your families home is less than 100,000 dollars? What would you do? What if you still owed 170,000 which seems completely reasonable with a basic amort table. Should you stay?

No, I still do not believe you should. I actually know that anyone with all the facts would mail in the keys and leave. The only ones with incentive to stick it out are those with equity sunk into their property. Those are the people being hurt the worst.

If you find yourself in this situation you are not a criminal, you are not slime, you are not lowlife. Do not let those collection A--holes get in your heads. They treat you like crap every day hoping to pull more blood from your wallet. They are leeches. Nothing more or less. Do not send that "bank" another dollar-here is my reason why:

These huge "American institutions" as they are called, are full of math majors, business majors, finance majors, and actuary experts. Their entire existence is in place to make good investments to earn money. So why would someone like Bank of America buy so many failing banks with books full of bad investments (mortgages to homes that are not worth it). They had to know it if they even did a little research. "Your home is not worth what you owe, but we want to own your mortgage anyway" are not the words of an even semi adequate bank. But those are the words that Bank of America said when they bought our mortgage. Now they are calling us all kinds of names, harassing my family, and calling my neighbors.

Something happened that we do not know about, someone is getting paid, most likely by the governement to treat you and me like shit for getting smart on our own poor investment. When an investment is bad, you walk away. So why did Bank of America buy up the bad investments rather than walk away?

The government has some stake in this, who owns the land when the lien holders go bankrupt? What happens? Someone had to buy the bad investments or there would be a huge legal crisis in the US and the current property system would be in jeapordy. Imagine, for instance, all the banks (scum) who took the high risk mortgages went under, the liens were cleared as were the mortgages so the property now belonged to the mortgagee, that would be the citizen who purchased it. When all the rich people who purchased their houses found out that the "lower classes" were getting their homes for free what do you think would happen in this country? So think about it, the answer is obvious...

The government has to be paying the current banks to kick all of the high risk owners out. The system must continue. There is no money in buying a mortgage that is bad, but it had to happen to keep "America running". So where is this money coming from? IS bank of america full of fiscal idiots, or are they just payed enforcers?

What if we all stopped paying. What if everyone just quit? I think Lennar got a chunk of money from us then left (they sold to another housing developer). And I think that Bank of America is getting a bunch of money to treat me like shit. And I will not stand for it. Can others stand up too? I have never missed a payment, or sent a payment late on a single credit outstanding in my life. But I am not paying these assholes another penny. The government, or housing associate, or IRS has to be in bed with them, or they have to fail. Either way, the only power we have is to step back and say fuck you. Because the common man doesnt spend billions lobbying, or paying for our politicians election bills, we do not have a say. and we never will. until something huge changes. I was very excited about our current president, I felt hope for some time. But now, I realize nothing is new. I still hear the ultra right's hate and racism, and the lefts "we care" warcry. but in the middle, no one cares. And We, America, We are in the middle.

Fuck you Bank of America, I should sue you for buying my mortgage. Did I not learn that a publicly traded company should have the share holders profit ahead of all else? Are you not a publicly traded company? Why did you purchase so many mortgages that were going to foreclose when the property dwellers realized the idiocy of continuing? Why did you make poor decisions when at the time the entire country was trying to correct the system that purchased so many bad mortgages. How could you make such an obvious mistake? Or did you? What kind of "invisible hand" is paying you-the cheap muscle? Fuck you Bank of America, and Fuck you any other politician who is helping pay them to demoralized a third of our country by grinding them into the ground and kicking them to the curb. Fuck you all.

Bank of America Super Dump! Real classy

Never again doing business with that crap hole. Can someone request they take My Country's name out of their title?

They are sending out summons on Halloween night. A guy dressed like a cop served my neighbor while she was handing out candy. What kind of trash does that? Is that even legal?

Found another one of their fans: http://twitter.com/BofA_FuckYou

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