Why keep giving Bank of America our money? Why not Fire them? Why not change banks?

Asked by Kimberly, Hollywood, FL Tue Jan 26, 2010

Bank of America has used enough of our money to buy out other banks. How much more can we give when there is nothing else to give? There are families without homes, divorce rate is rising (tentatively up to 73%), school budget cuts (that no one mentions) and here we are bailing out Bank of America to dominate all the smaller banks merely for power. We have bailed them out $25 Billion dollars of tax payer's money; and another $10 Billion so that Bank of America can take over Merrill Lynch. When will it end? When we have no house for our families to live in? As far as permanent home loan modifications, Bank of America has made 98 permanent home loan mortgage modifications to homeowners since beginning their participation in the program out of 1,018,192 eligible homeowners.

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Eric Michael Abrams - California Real Estate Broker’s answer
Eric Michael…, , San Diego, CA
Tue Jan 26, 2010
Kimberly,

Yes, its a very difficult issue with no easy answers. Obama is attempting to dismantle large organizations, whose failure, could spell disaster for an economy.

Unfortunately BofA is so intertwined with the U.S. Economy, it's very difficult to take action against them. We live in a country that offers tremendous protections for large corporations, as well as for average citizens.

This is what makes our Country great. Unfortunately, as you've pointed out, those same laws can often work in ways that protect companies, which operate in ways that provide little benefit to the public.

In the future, we'll likely see this change, as the entire financial industry is being overhauled. But, it will take many years to do so, and we're only scratching the surface.

I hear your frustrations loud and clear, as do many others, and it's something that's mentioned on news networks hourly. But, it took us many years to get to this point, and the odds are it will take many years for us to move on to a more "mature" and modern financial system with greater protections for consumers.

The credit card overhaul that is going into effect, is one example, which will limit the power of banks to arbitrarily raise rates. But, that's one minor piece of a massive puzzle. Though, as more and more pieces of the puzzle are put in place, we'll start to have a picture of what our future financial sector will look like.

It is my sincere hope that that picture is much prettier than the one we're currently staring in the face of.

Best,
Eric M. Abrams
CA DRE# R01862927
0 votes
Jeff Holloway, Agent, Sebastian, FL
Thu Jul 8, 2010
I have worked with Bank of America on short sales representing the buyer and representing the seller in different transactions. Bank of America is by FAR the WORST bank to work with!!!
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