Hate Bank of America? Join the crowd
The largest share of complaints lodged with the Consumer Financial Protection Bureau have targeted the giant bank.
But the newly released database of complaints from the Consumer Financial Protection Bureau is giving some numbers and perspective to just exactly how much people revile B of A. The bottom line? The hate is fairly staggering.
The biggest share of complaints consumers lodged during the past 16 months were targeted toward B of A, according to an analysis of the data from The Wall Street Journal.
Many complaints leveled at B of A are tied to mortgages, with about one-third of overall mortgage gripes linked to the bank. It's the legacy of the bank's purchase of mortgage lender Countrywide Financial, called "the deal from hell" by the Boston Business Journal.
"Our need to get these issues completely behind us is still high," B of A Chief Executive Brian Moynihan told Charlie Rose earlier this week.
Moynihan also said the bank has booked more than $40 billion in expenses tied to the Countrywide purchase since he got the CEO post in 2010, according to a Bloomberg article about the interview. He's attempting to shrink the bank's size through asset sales.
"While there have been times when you sit there and say, 'Jeez, this is a lot of pounding,' you always keep your eye on the purpose you're here. And that's to help people with their financial lives -- if you really keep focused on that, I could do this the rest of my life," Moynihan said.
Meanwhile, B of A told The Journal it has resolved almost all complaints forwarded by the CFPB. "We have been intensely focused on improving the process for our mortgage servicing customers," a spokesman said.
Get out of the big banks. It's only a matter of time until they pull a Cyprus on us. Cyprus took 40% of people's bank accounts to pay off the banks' gambling losses on derivatives. We should be trying and jailing the big bankers like Iceland did. Theirs is one of the only economies improving. Holder's failure to prosecute the bankers (he says they're "too big") is going to turn us into Greece / Cyprus.
Too big to fail - or too big to prosecute - is too big to exist. The banks must be broken up.
Do you know anyone's "complaint" that has been satisfied? You call them and get a machine that answers or forwarded to their new "concierge" that takes messages and then your account manager related to your mortgage never calls you back. It took them 2 years to update my file with the proper code when I called in monthly asking for when my house would be foreclosed. Now its been another 14 months and I'm still awaiting an appraiser to come and tell us what it will cost us to re-lease our house or find out when we need to move. I've spent 100's of hours on the phone and have had two phone calls in the last week alone to tell me that someone is going to call me within 48-72 hours to schedule an appointment. Why not just schedule it? I'm trying to do the "right" thing, but they just don't care. My friends say just live rent free forever, but I'm not one to remain on the Obama plan and am trying to get my life back in order, no thanks to B of A.
It's amazing how those of us who try to make money honestly find it so difficult, and those like BofA who do their best to lose money keep making more. What am I doing wrong?
What makes this article funny......is that I picked this name 3 years ago and it is my name on several social media sites.
HEY POLLSTERS!!!!! TELL ME SOMETHING I DON'T ALREADY KNOW!!!!!
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
[BRIEFING.COM] The stock market ended the holiday-shortened week on a mixed note as the Dow Jones Industrial Average shed 0.1%, while the S&P 500 added 0.1% with seven sectors posting gains.
Equity indices faced an uphill climb from the opening bell after disappointing quarterly results from Google (GOOG 536.10, -20.44) and IBM (IBM 190.04, -6.36) weighed on the early sentiment. Google reported earnings $0.15 below the Capital IQ consensus estimate on revenue of $15.42 ... More
More Market News
Serious issues like drought and the deterioration of the developed world spell opportunity for this industry leader.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'