Tag Archive for Four Months

OCC Flip-Flopped on Ethics Matter, Reassigned Husband of Bank of America Exec – American Banker

WASHINGTON — When veteran regulator Tim Long announced his retirement from the Office of the Comptroller of the Currency last year, the agency quickly replaced him with David Wilson, its deputy comptroller for credit risk. To do so, however, officials had to work around the strict ethics rules governing federal employees because Wilson, who would…

Factory Orders Fell in April Says Census Bureau, But Did They Really?

New orders for manufactured goods in April, down three of the last four months, decreased $2.9 billion or 0.6 percent to $466.0 billion, the U.S. Census Bureau reported today.  This followed a 2.1 percent March decrease.  Excluding transportation, new orders decreased 1.1 percent. http://www.census.gov/manufacturing/m3/prel/pdf/s-i-o.pdf OK, let’s get all excited, before we remember that this is seasonally adjusted nonsense that makes…

Housing Data: Shiller Unaware Bernankinflation Winning

There were two major housing data releases today. One of them is important. The other was a misleading misdirection play, that is leaving its creator clueless. Due to its peculiar and excessive smoothing methodology, the housing Case Chiller is always behind the curve. It uses a 3 month average of sale prices closed in the…

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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