Saturday, March 24, 2012
Where will the lies stop
On facebook I posted an article about Bank of America's new plan to "allow" homeowners to turn their home back (lose title) to the bank and then be able to stay and rent it back from BofA at a reduced rate. Those of you that have not gone through this may see this as a nice solution by the bank but it is not---it is simply more evidence of their continues greed. I can guarantee you BofA has refused those same homeowners any sort of modification to reduce their payment. Why can't BofA modify to the payment they will get for rent? Greed. They want to take the home away from the homeowner, they know the market will come back someday, and in the mean time they collect rent. Mark my word down the line BofA will develop some program to sell it back to the homeowner at an inflated price, no doubt after they have collected some form of insurance from the government for a defaulted mortgage. It is alarming to me that once again the big banks are allowed to try and pawn themselves off as hero's when in actuality they are crooks. What's even more alarming is our government is sitting by and not only allowing this but in many instances paying for them to do it. Does anyone else see a problem here?