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!!!!!
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[BRIEFING.COM] The Federal Reserve has just released the minutes from its latest policy meeting. Most notably, the minutes revealed that many officials saw the recent job gains as a potential reason to bring forward the first fed funds rate hike; however, most officials showed preference for waiting for more evidence before changing the rate outlook.
With regard to prices, several participants viewed downside inflation risks as diminished.
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