Tag Archive for Boom

EU Smiled While Spain’s Banks Cooked the Books, and Now We’re Surprised?

…back in 2008 and early 2009, Spanish regulators were riding high after their country’s banks seemed to have dodged the financial crisis with minimal losses. A big reason for their success, the regulators said, was an accounting technique called dynamic provisioning. By this, they meant that Spain’s banks had set aside rainy- day loan-loss reserves…

Home prices hit post-boom lows: What does that mean for housing market? – Full Story

[repostus hash=2c2ada98239ba34e594ada7e689a54b2 title=Home+prices+hit+post-boom+lows%3A+What+does+that+mean+for+housing+market%3F host=The+Christian+Science+Monitor short=1cX6T snip=By+Mark+Trumbull+posted+May+29%2C+2012+at+4%3A13+pm+EDT+Just+when+prognosticators+were+starting+to+get+more+optimistic+about+a+housing+recovery+comes+this+news%3A+A+major+index+of+US+home+prices+fell+to+new+post-boom+lows+during+in+the+first+quarter.+Does+this+mean+all+the+hopes+for+a+springtime+of+renewal%26hellip%3B thumb=http%3A%2F%2Fimg.1.rp-api.com%2Fthumb%2F2064079 jump=7] For my take on Case Shiller, see Case Shiller- A Rant  

Here is What’s Wrong With Bank of America (NYSE: BAC)

If you have a mortgage with Bank of America (NYSE: BAC) and want to refinance, don’t bother.

You are not worth the bank’s time. Or at least I wasn’t.

That’s what I learned first-hand last week when I called Bank of America to refinance a home mortgage I’ve had with them for years.

My jaw practically hit the floor when Alejandro from BofA’s mortgage department told me this over the phone.

“Because of excessively high demand,” Alejandro said, “we can’t accept your refinancing application. But we can take a reservation and have an agent call you in 90 to 120 days.”

Huh?…You can’t be serious.

I really have to wait three or four months to even apply for a lower interest rate when I’ve been an existing customer for years?

Yeah, I bet, I thought to myself…

They’ll call me when interest rates are much higher or when BofA works its way through its part of the $25 billion robo-signing settlement reached over its abuses in the foreclosure process.

Of course, all of this is after BofA received $45 billion in taxpayer bailout funding.

And after they reportedly shifted the risks associated with $75 trillion in derivatives from its investment banking and trading units to BofA’s depository arm, a unit flush with FDIC-insured deposits.

But that is another story for another day.

How Bank of America Treats its Customers

Suspecting something wasn’t quite right, I made a second call to BofA to inquire about a new loan.

Not ten minutes later I was put through immediately to an underwriter who was all too happy to help a new, unknown prospect – a.k.a. me – take on more debt. Imagine that.

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