BofA Tops Financial-Complaint List

[srican69]

http://online.wsj.com/article/SB10001424127887323361804578388791087793804.html?KEYWORDS=bank+of+america

WASHINGTON—Bank of America Corp. BAC -0.41% accounted for the largest share of consumer complaints lodged with the Consumer Financial Protection Bureau over the past 16 months, highlighting the challenges the nation's second-largest bank faces as it tries to simplify its sprawling operations.

The CFPB's expanded database, unveiled Thursday, shows the majority, or nearly 55%, of the more than 90,000 complaints filed with the agency relate to mortgages, the latest indication of the problems banks face in response to a surge in foreclosures. Credit cards ranked as the second-biggest source of complaints, accounting for almost 22% of the total.

here is the best part:

The banking industry, which has long opposed release of the data, criticized the CFPB's move and said it could unfairly damage an institution's reputation. "A better service to consumers would have allowed for collaboration between the CFPB and financial institutions to determine if a complaint is indeed valid, prior to publication," said Richard Hunt, chief executive of the Consumer Bankers Association.

[The Straight Story]

1. And about that best part:

The banking industry, which has long opposed release of the data, criticized the CFPB's move and said it could unfairly damage an institution's reputation. "A better service to consumers would have allowed for collaboration between the CFPB and financial institutions to determine if a complaint is indeed valid, prior to publication," said Richard Hunt, chief executive of the Consumer Bankers Association.

Try using that logic when you go to get a loan from them and they want to see your credit report.

[srican69]

2. I fear the day that CFPB comes under Republican Control .. they will gut the agency and neuter it..

it will become another ATF.

[dixiegrrrrl]

3. There is good news and bad news about BOA....

BOA's purchase of Countrywide is costing it 10 times more than it paid, just to cover the current legal bills from
the mortgage fraud.
CURRENT bills
many many more suits have been filed.
And as part of the agreement with Gov't oversight, BOA is getting out of mortgage servicing.

Bad news...
BOA sold mortgage servicing rights to companies that have a bad reputation.
Sigh

Good news:
They no longer service my mortgage.
At last, I am done with BOA!!!

[srican69]

4. bad news : I am still neck deep with them.

Banking , Mortgage and Investments(merril) ...


would love to be rid of them .. but no one will refinance my underwater mortgage

[dixiegrrrrl]

5. they are still selling off their mortgage servicing...

you might get out from that...

But..can you move your banking or at least most of it to a credit union??