But how did it come to this? Bank of America took a $45-billion bailout from taxpayers when it got into financial trouble. Why couldn’t the bank have shown Rodriguez — a widow whose life was already a trial — the same courtesy when she got squeezed? […]
Bank of America was the only lender that joined a 2009, $1.1-million city pilot program to help homeowners in the North San Fernando Valley obtain loan modifications. But as of February, the bank could find no “eligible borrowers,” city staff reported to the City Council.
Really? REALLY? There’s not a single Bank of America borrower in North Hollywood or Sun Valley deserving of a break?
This decision by the banks to simply sell off properties that people have paid on for years is criminal. My son is in danger of just such a situation. Additionally, he was told he had to miss payments to apply for help…so he did it and now you have to have made all your payments to apply for help. omg! Criminals… it is the thing of which revolutions are made.
We as a global community got fucked by the financial markets. We did not lose wealth because we worked less or made bad decisions with our savings. We ALL got screwed by crooks and liars in the banking/financial services/mortgage/ratings/insurance industries.
It involves taking the business reply mail envelope that comes with most unsolicited credit card offers, and sending it back to the banks with a message inside that ransacked hopes will help open “a dialogue.”
This isn’t really about running up the postage bill on the big banks, although that’s a nice side effect. The real effect of this is to force banks to react to us.
If they start getting hundreds and thousands of weird responses to their credit card applications, well they’re going to have to have meetings. They going to have to develop new procedures and every hour banks spend reacting to us is an hour banks don’t spend lobbying Congress on how to screw us. It’s an hour banks don’t spend foreclosing on our houses.
So I think that that’s progress.
YouTube Comment of Note: “This supports the United States Postal Service also, maybe keeping several thousand postal workers out of the unemployment line. Good idea.”
While I find the quoted argument quite flawed and would expect banks to merely ignore us and increase fees as per status quo, I can certainly hope something like this on a very large national scale could work.
“Senate Majority Whip Dick Durbin and Rep. Brad Miller are going on the offensive against Bank of America after the financial behemoth cited Wall Street reform in announcing a new five dollar monthly debit charge last week. Miller, a Democrat from BofA’s home state of North Carolina, plans to introduce legislation that would make it easy for consumers to switch banks and simultaneously swap their direct deposit, electronic bill paying and other automatic features that make moving money from one bank to another more hassle than it’s often worth.
Illinois Democrat Dick Durbin, meanwhile, is encouraging consumers to abandon the bank’s debit card. ‘My word to consumers across America is talk with your feet, look for a debit card that doesn’t charge the Bank of America fee,’ Durbin told HuffPost, adding that the revenue from the new fee likely far outstrips what they’ll lose to swipe fee reform. ‘It would be no surprise if we found out that Bank of America is overcharging consumers again. They’ve been found guilty of that in the past, but I really encourage consumers across America to look for competition that doesn’t charge this fee, move their debit cards.’”