B of A’s Mortgage Reduction Insanity

Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.

The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.  …

To be eligible for the principal reductions, however, homeowners will have to meet certain criteria, including: having a loan owned or serviced by Bank of America; owing more on the mortgage than their property is worth; and being at least 60 days behind on payments as of the end of January.

via NYTimes.com.

What craziness is this?  Just curious, what is B of A doing for all the folks who (a) bought a house they could afford, and (b) make all the payments on time even when times get tough.  Some folks have cancelled vacations, stopped eating out, shopping at cheaper grocery stores, walking instead of driving, and all sorts of other things.  What’s being done to help the responsible?

When you give something away to those who don’t deserve it the rest suffer by default.  We’ve been doing that for far too long in this country.  It’s one of the reasons we’re in the state we’re in.

Bank of America Hates the Second Amendment

McMillan Fiberglass Stocks, McMillan Firearms Manufacturing and McMillan Group International have been collectively banking with Bank of America for 12 years. But no more: In a recent meeting, the mega-bank told the firearms company that its business is no longer welcome.

Operations director Kelly McMillan told the Daily Caller that his company has never been late on a payment and has never bounced a check. …

Writing Thursday on Facebook, McMillan described a meeting at his office with Ray Fox, a business banking Senior Vice President with the giant bank. What was originally scheduled as an “account analysis” meeting, however, quickly became a political smackdown.

The Bank of America emissary, he said, “spent 5 minutes talking about how McMillan has changed in the last 5 years and have become more of a firearms manufacturer than a supplier of accessories.”

“At this point I interrupted him,” McMillan said, and asked, ‘Can I possibly save you some time so that you don’t waste your breath? What you are going to tell me is that because we are in the firearms manufacturing business you no longer what my business.’”

Fox’s reply, according to McMillan? “That is correct.”

via The Daily Caller.

Well that pretty much says it all (more details to the story at the link.)

I hate it when people say this but…  please pass this story along.  It is just so wrong that BofA would stop doing business with a successful company solely based on their manufacture of a legal and non-prurient product.

I, thankfully, don’t do any business with BofA.  Can say that I certainly don’t intent to do so now.

UPDATE:  Title changed to more accurately reflect the story.