skitahoe

Why Friday Was Such a Critical Day for Bank Stocks

Bank of America and others have put themselves in the hole they're in by neglecting those they serve, and they're adding more fuel to the fire.

Because of having a large real estate portfolio, with BAC holding the mortgages on many of them, I was a Premier client, that status is being dropped in March as real estate is no longer a criteria for such status. I really don't care about the status, what I care about is the reason, they can't or won't do business with me any more.

They don't care that I've made all the payments on time, they don't care about the fact that I'm not trying to get loans over 70% of current value, I have more than four properties, they no longer wish to deal with me.

Sadly, when speaking with my Premier banker she did indicate they'd talk to me about new loans if I didn't make a payments for two months, but I'd be speaking with someone else.

I know they may be following the guidelines for selling loans to Fannie, Freddie, etc, but if you want to stay in business, you learn to provide the services your customers need. Right now Americans all over need help, those that provide it will be well rewarded.

I for one will still be looking to refinance both for better rates and cash out to pay off other short term debt. I'm planning to wait for things to ease as it's clear that now's not the time, but when they do, I doubt if I'll be dealing with BAC again.

I certainly know BAC isn't alone in the practice, I've spoken with a loan officer at Well Fargo as well, they're following the same guidelines. The difference is it wasn't Well Fargo who told me that whenever I needed to refinance in the future they'd be there for me, BAC did.

Gary