Bank of America loses $2.24B as loan losses rise

Maybe they shouldn't have paid out 33 Million in BONUS MONEY to there Ceo's! and then tell them to keep the mouth shut and so they could give them more money!

Serves them right. They were the idiots who gave all those loans to illegal aliens. They even ran a series of commercials promoting the fact they would give a loan to anyone, citizen or not. Greedy idiots.

Good for them! Hope they go down with their stupid CEO"s and people. KARMA to you!!!!!!! There will be more coming!

"Excuses are the easiest things to manufacture, and the hardest things to sell." ;)

These SOB's sent me a letter yesterday in the mail telling me that they are changing our fixed rate loan to a variable rate loan, I didnt know that was legal, since our contract was for a fixed rate loan...We are good customers, who pay our loan payment every month on time...not only that we used to have a credit card with them and made the payments on it on time as well as paid it off...we dont let our accounts get past due or delinquent...because of they're stupidity for handing out money to just anybody my husband and I are going to have to pay for it......I am just furious...I hope they know that if the variable rate causes our payment to double, we WILL NOT be able to make the payment...so in return the idiots will lose even more money....

Her Main Man, possibly you did not read the article you commented on, however, BOA's CEO actually gave up his salary and other compensation to aid BOA. Secondly, BOA never ran a commercial promoting the fact they would give a loan to non-citizens in the US, that would be illegal and surely there would have been repercussions, both monetarily and functionally. Lastly, refinance if you are unhappy with your mortgage.

Reason Before Anger wrote:

Her Main Man, possibly you did not read the article you commented on, however, BOA's CEO actually gave up his salary and other compensation to aid BOA. Secondly, BOA never ran a commercial promoting the fact they would give a loan to non-citizens in the US, that would be illegal and surely there would have been repercussions, both monetarily and functionally. Lastly, refinance if you are unhappy with your mortgage.

I don't think you read my comment? I NEVER said they where running commercial promoting loans to Illegals!
I wrote how there Ceo's received Bonus Money to a tune $33 million!

REASON BEFORE ANGER: Did you consider the fact that her main man was referring to the CEO's bonus BEFORE the company started to sink? Sure he gave up his salary and other compensation AFTER the fact.....because he knows there will be no future bonuses if he doesn't act this way in the present...

Reason Before Anger are you some kind of advocate for BOA or something? I bet if you were in my shoes you would be pissed. My husband and I are loyal customers, we make our payments on time etc. We have been with them for years. The current loan we have with them is was a fixed rate loan until we received a letter yesterday stating they were "We are making the change to your annual percentage rates in response to market conditions and the increasing costs of providing unsecured credit"..........As if this is our fault? We are being punished for their mistakes....their mistakes for handing out money to just any old Tom Dick and Harry....That is NOT fair..

First of all....stop!

You clowns have no clue. You are looking from the outside through a foggy window and you are making comments without having a single clue of what is the real cause of our housing crisis and the beating our banks are taking.

Fact #1: In response to the fool posting as "Jack Klompus". Bank of America offered loans to residents (legal or otherwise), holding an ITIN (Individual Tax Identification Number) issued by our dear IRS ! These individuals have been paying income taxes and their aim is to eventually become legal residents...paying taxes is a good start.

These ITIN card holders have or had a much better credit score than our American citizens. The reason most ITIN card holders are in trouble is; because 95% worked in the construction business...and you know what happened to that industry.

Fact #2: Bank of America is not a real estate mortgage broker. The facts have it, the damn greedy brokers are the cause of the problem. And, stupid bank of america showed how dumb they are by purchasing Countrywide, one of the most crooked mortgage lenders in our nation. Countrywide got in bed with home-builders that agreed to receive kick-backs from each Countrywide home loans; as long as builders protected Countrywide and did not allow the naive home-buyer from obtaining a loan from other sources.

Fact #3: Those dumb home-buyers that thought the buying price (e.g., KB Homes)which included a new stove, a new frige, microwave, nice lawn, where part of the home value. Idiots! When you got in trouble and you asked another lender to have your home appraised and asked the appraiser if he could include the frige, stove, microwave.....in the appraisal value... guess what..the appraiser said, NO! Now you wonder why you are up-side-down with a home that you agreed to make home mortgage payments in the amount equivalent to $500,000 and now the real price is only $349,700 !!! Duh!

And then you b i t c h that you got taken? Where you blind-folded when you signed the contract? No.. you were simply too greedy and blinded by emotion and trying to impress your friends....That is your fault. The crooks took advantage of your desire to have a home you did not rightfully deserved and you had no problem agreeing to all the lies your loan application listed. Remember?

BS SPOTTER: I hope you're not referring to me because if you are you need to read my posts again you seem to be the blindfolded one. Its not a mortgage loan I never said a mortgage loan. For your information you arrogant think you know it all a-hole it was a loan to pay off some existing debts so that we could save money and pay off debt in a more timely manner, we took on a better APR as a whole, so we were not fools for doing this, it was our best option....there was no lying or cheating going on here...the paperwork had no lying or cheating on it...it was a simple loan...this is not my fault, its not my fault they are going under and decided to turn my fixed rate loan into a variable rate loan...We make our payments every month on time...we pay off our debt...we have NEAR PERFECT credit scores..we have been loyal customers to them...and FYI...I'm not trying to impress anyone with buying a house...I live in a double wide trailer you inconsiderate punk....if I were worried about impressing people I would be one of the naive and desperate idiots that you are speaking of in your post..of course we don't want to live in a double wide trailer but we aren't stupid or desperate enough to lie or agree to lies to get a nice home....we are doing things the right way...we do not live beyond our means...So before you go around policing people you need to think about the fact that you may not have all the right information about someones personal experience with BOA to badger them about it.....Dont put everyone down who suffers from something like this...not everyone's story is the same...there are innocent people out there who are being screwed...and because of the fools youre talking about above...its partially their faults this is happening to me.....My loan is being switched to a variable rate so obviously because BOA is sinking for one and two they need help in paying back the bail out money the government gave them...

Some people rob banks, but B of A robs people. I had my credit card rate jacked up to almost 30% for no good reason. You can respond and accuse me of whatever your dumb imagination can come up with, but it's just not true. This is legalized loan sharking and I wish someone had the balls to stand up to them.

Bruce you are absolutely right...

I just got off the phone with a BOA representative and he informed me that all Gold Option line of credit accounts are being switched to the variable rate..and it is applied EXISTING BALANCES as well as any new advances, purchases or transfers..When my husband and signed up for this loan the BOA representative assured us many times (because we asked many times) that this was a fixed rate loan and that our APR would NOT change UNLESS we were constantly making late payments etc. We have did none of that. The guy I just talked to tried to assure me that because of our CURRENT economical status that I would not see an increase...well he is right maybe I wont in the next few months or a year or so but what if in a few months or sometime next year our economy is not in a recession anymore and it starts booming...then I'll get slapped with the high rates....I pointed out to him that my loan was for 5 years and we have about 2 1/2 years left on it. Had we not been assured that it was a fixed rate and would not change..we wouldn't have taken it...we think its insane to have a variable rate...insane for us anyway being middle class people...I hate BOA and I will do something about this...even if I don't get anything or what I want accomplished I will speak my mind...

Response to "angry boa hater": Read the definition of "contract" and then, come back and try to debate the subject once again.

BS Spotter:

I fully understand what "contract" means. I dont need to look it up in a dictionary. Step off your high horse. Youre probably just a wealthy brat who doesnt know what its like to be middle class and screwed over

let me break it down for you

1.we had a credit card with them
2.we paid it off and canceled the account
3.a few months later we received a letter in the mail offering us a line of credit at a FIXED rate for a set mount of time
4. the letter mentioned NOTHING about the terms changing
5. We called BOA and enrolled in the plan via telephone, this was a good option for us to consolidate debt and have a better APR as a whole.
6. We were told SEVERAL times by the BOA representative that opened our account that it was a fixed APR and would remain a fixed APR for the length of the term.
7. We were told the only way our APR could change or be increased was if we made numerous late payments.
8. After opening the account the money we needed to pay off debt was QUICKLY deposited into our checking account at our community bank.
9. When the money was deposited we quickly paid off some debt.
10. Our agreement and Welcome package did not arrive to us in the mail UNTIL AFTER the payment had been deposited and the money had been spent.
11. We trusted the verbal words of the BOA representative and felt as if she had disclosed everything we needed to know about the agreement....so shame on us a little for not reading the agreement when we got it, but shame on them for tricking us and lying to us. See it is banks as well that are the LIARS..not just brokers that you speak of..

They are lying to people. If you research my case you'll find that there are tons out there like me who had the GOLD OPTION as well and this happened to them too and they TOO were told that it was a fixed APR for the term and would NOT change otherwise.

and btw not only are they doing this because they are sinking and because they owe the government money..they are also doing this to make up for a loss of revenue that they are going to endure when the new Act passes in February of 2010...What they are doing is wrong....and I dont care if you think otherwise. One of these days something similar will happen to you and I hope you think back to the time that you were such a jerk to me and others here....I hope someone treats you the same way if you share your experience...I hope they badger you and tell you its your fault, when in all honestly its not. You need to shut your pie hole...

Quoting your own comment:

"3.a few months later we received a letter in the mail offering us a line of credit at a FIXED rate for a set mount of time"

Moron. Wasn't the part of the later that stated "for a set amount of time" which in legal terms must have said: "for a limited time your rate will be fixed".....

If your loan was for 3 years and the first 12 months the loan would be at a FIXED rate....aren't you educated enough to wonder..."what is going to happen to the balance of the loan / 24 month"?

Just because you are dumb, don't blame others for not being as dumb as you are.

No you loser it didnt say for a LIMITED TIME...the letter read and we were told that for WHOLE ENTIRE LENGTH OF OUR TERM, which is 5 years, that our APR would be fixed....It was never supposed to change....EVER..when I put "fixed rate for a set amount of time" what I meant was whatever term we picked out of the options, we could have picked a year, two years, three years and so on, but no matter what terms we picked, the APR was supposed to ALWAYS remain fixed..DO YOU FREAKIN UNDERSTAND THAT...I'm putting it in plain English!!!...and you also failed to read that this happened to ALL OF BOA Gold option plan members..it had nothing to do with anyone being dumb or reading the contract wrong...obviously you have a problem understanding the situation...This was a bait and switch tactic, clearly........and now they are screwing people..
..lol..you're absolutely ridiculous. If we were so stupid then our credit score wouldn't be near perfect you a s s h o l e!! We would never ever enroll into anything that stated our terms would change after 12 months...or 24 months etc etc...we would NEVER EVER sign up for anything that had a variable rate to begin with...

Say whatever you need to in response to make yourself feel better...but dont expect another reply because with you its like beating a freaking dead horse...

NOW you are changing your previous comments? Just like I thought. You are a fool and a liar.

Take a walk. I had enough of your BS!

BS Spotter wrote:

Quoting your own comment:
"3.a few months later we received a letter in the mail offering us a line of credit at a FIXED rate for a set mount of time"
Moron. Wasn't the part of the later that stated "for a set amount of time" which in legal terms must have said: "for a limited time your rate will be fixed".....
If your loan was for 3 years and the first 12 months the loan would be at a FIXED rate....aren't you educated enough to wonder..."what is going to happen to the balance of the loan / 24 month"?
Just because you are dumb, don't blame others for not being as dumb as you are.

I hope BOA sinks

I hope these greedy SOBs sink and never rebound. Selfish SOBS and take town all the greedy SOBS in this country with them. Sounds like you might be either a greedy SOB or a want a be. Go make a difference in the world... by helping someone today and not screwing someone. That would be the ideal America.

BS Spotter wrote:

First of all....stop!
You clowns have no clue. You are looking from the outside through a foggy window and you are making comments without having a single clue of what is the real cause of our housing crisis and the beating our banks are taking.
Fact #1: In response to the fool posting as "Jack Klompus". Bank of America offered loans to residents (legal or otherwise), holding an ITIN (Individual Tax Identification Number) issued by our dear IRS ! These individuals have been paying income taxes and their aim is to eventually become legal residents...paying taxes is a good start.
These ITIN card holders have or had a much better credit score than our American citizens. The reason most ITIN card holders are in trouble is; because 95% worked in the construction business...and you know what happened to that industry.
Fact #2: Bank of America is not a real estate mortgage broker. The facts have it, the damn greedy brokers are the cause of the problem. And, stupid bank of america showed how dumb they are by purchasing Countrywide, one of the most crooked mortgage lenders in our nation. Countrywide got in bed with home-builders that agreed to receive kick-backs from each Countrywide home loans; as long as builders protected Countrywide and did not allow the naive home-buyer from obtaining a loan from other sources.
Fact #3: Those dumb home-buyers that thought the buying price (e.g., KB Homes)which included a new stove, a new frige, microwave, nice lawn, where part of the home value. Idiots! When you got in trouble and you asked another lender to have your home appraised and asked the appraiser if he could include the frige, stove, microwave.....in the appraisal value... guess what..the appraiser said, NO! Now you wonder why you are up-side-down with a home that you agreed to make home mortgage payments in the amount equivalent to $500,000 and now the real price is only $349,700 !!! Duh!
And then you b i t c h that you got taken? Where you blind-folded when you signed the contract? No.. you were simply too greedy and blinded by emotion and trying to impress your friends....That is your fault. The crooks took advantage of your desire to have a home you did not rightfully deserved and you had no problem agreeing to all the lies your loan application listed. Remember?

Way to go BS Spotter. Fact#3 well said.......