They are calling their loans….
The one being touted across the nation, is a California company who was told to settle his loan by Jan. 25 to the tune of $96,000….
After the initial shock, the B Of A representative provided an additional alternative… including paying off the debt at 12% interest over two years. That’s about $4,500 a month, nearly 10 times his current interest-only payment.
Smaller local banks and credit unions, are not applying this tactic as are the big banks…
If you still have an account in B of A, you should get out right now…. If you own stock in B of A, (you’re still that stupid?) you should get out now… If you owe money to B of A, you should start bankruptcy proceedings right now….
It is time to let B of A fail… No more bailouts for that bank…. They earned the privilege to fail….
kavips 
5 comments
Comments feed for this article
January 3, 2012 at 3:30 pm
Duffy
Stupid? Hmmm….
http://dealbook.nytimes.com/2011/08/25/buffett-to-invest-5-billion-in-bank-of-america/
He must know something.
Whether you think this is a moral/ethical issue is a separate matter but he’s not in the habit of going big on losing propositions.
January 4, 2012 at 2:49 am
kavips
Nice find… I’d totally forgotten about that…
But the link shows why… he’s made 10% on the purchase since Thursday… lol.. which is about a half a billion….
So, I’ll take back the part of investing in B of A as being stupid… To be honest, I was remembering the 30% slide since last August….. ,
January 9, 2012 at 10:10 am
Nancy Willing
No one says that there isn’t a crap load of money being made off of either letting banks fail or in bailing them out. The money is as good or better on the way down for the smart insider investor. Right?
It is incredible that BoA is calling loans to small businesses. Outrageous.
January 9, 2012 at 2:30 pm
kavips
Nancy, not so incredible when you see Mr. Potter doing the same on “It’s A Wonderful Life…”
It is the way things are done when and if you do not have regulations that set guidelines.
Although Republican decry we need less and less regulation, the opposite is more true.. We need first to return to regulations we once had, that made America the strongest economic power in the world. Then we need to add on to those, even more regulations and taxes, to return the money lost during this episode, back into the public economy. forcing those companies to pay everything they own, out into the economy just to survive…. If you make 14 billion in income, you pay 14 billion in taxes… Sounds fair….
After all, that’s what’s happened to the middle class. Their expenses have outstretched their income. They seem tough enough to take shrinking incomes and rising expenses, Why can’t the corporate American backbone, do the same?
Lol…
You see, the argument doesn’t work when it’s returned upon them……. Meaning of course, it is a bad argument to begin with….
November 30, 2012 at 7:46 pm
riverhorsey
BOA called me out of the blue and called in my LOC. Was still making my pymts regular and poof it’s gone. Just talked to a guy who didn’t even get a call and boom they called in his LOC and took 45k directly out of his checking acct and busted him out. This is crazy wrong.