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  1. #1
    amadeus39's Avatar
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    BoA credit cards . . . now "no fee" mortgages ?

    Possibly adding to the BoA credit card for illegal immigrants controversy ( http://www.bankofamericaboycott.com/ ), on April 23rd, Bank of America is rolling out a "no fees" mortgage for first time home buyers.

    A bank employee indicated that BoA is willing to forgo $100M in appraisal, orgination, processing and other fees normally associated with a home purchase in exchange for the estimated increased business.

    While this lessened requirement for cash savings to put down on a home purchase could possibly benefit many people, it will be interesting to see the demographics of who winds up benefitting from this new BoA program.

    An ongoing attempt by Bank of America to increase its customer base, whether legal or illegal ?

  2. #2
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    amadeus39 Welcome to ALI-PAC
    Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)

  3. #3
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    Re: BoA credit cards . . . now "no fee" mortgages

    Quote Originally Posted by amadeus39

    A bank employee indicated that BoA is willing to forgo $100M in appraisal, orgination, processing and other fees normally associated with a home purchase in exchange for the estimated increased business.

    An ongoing attempt by Bank of America to increase its customer base, whether legal or illegal ?
    Catering to illegals is getting to be big business, simply because they are huge market segment. And from a pure dollar-business perspective (not thinking long-term or whats good for the nation) it makes for perfect sense. That I unfortunately have to admit. As a stockholder, the question would be what is most important to me. My real beliefs, or my joy of bank stock going up because they are making money.

    Notice that in the most cases, the major banks do not actually keep these sub-prime loans, but sell them off on the debt market afterwards. So if a bank can grab a significant portion of this new loan market (because they have a visible front-line), and just skim a small percentage off the top as they pass on the debt, there is a lot more than 100 Mill to be had.

    New Century as a sub-prime lender (right before they declared chapter 11 a month or so ago) had just in January announced a record $4.2 Bill in "loan production" over their past year. Unfortunately for them, they owned these loans when they started failing. BOFA, as a large primary bank, to my knowledge only keep the prime loans for themselves. The rest are sold off in short succession to more risk-willing capital, and the loan-taker then get a letter about sending their payments somewhere else.

    In the news the other day, that J.P. Morgan is starting a pilot program to capture some of that market as well. Strangely enough, their first test is in Maricopa County, where my hero Sheriff Arpaio is in control. Meaning that when he arrests/deport the illegals, why would the bank(s) think that the loan would not be lost? Strange place to start.

    I have just had some major issues with the way BOFA and others handle that sub-prime market and how BOFA cater to illegals, discussed on

    http://mropinion.youopine.com/19/financ ... s-for-all/

    and
    http://mropinion.youopine.com/17/financ ... e-lending/
    Gregory Miropin

  4. #4
    Dawes's Avatar
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    Ya well how much money are bondsmen making on illegal criminals. The illegal skips out and the bond gets waived. Free money for the bondsmen. Happening in small cities.
    "If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin." Samuel Adams

  5. #5
    michellewade's Avatar
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    B of A

    Once I heard about B of A's giving mortgage loans and checking accounts to Illegal Aliens, I cut up my card and wrote a letter to (I believe it was Ken Lewis) one of the higher ups at B of A. It gave me great pleasure to tell him that I was pulling my checking account and credit cards and leaving B of A for a bank which supports Legal Americans. That was a good day!!

  6. #6
    Dawes's Avatar
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    Great Job!
    "If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin." Samuel Adams

  7. #7
    JenniferB's Avatar
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    I find this absolutely incredible because BoA gave us such a hard time over a car loan! It made me so fuming mad and now I read this and it makes me ever madder. Bad enough the branch in our town is mostly Spanish employees, it's no wonder!

  8. #8
    Dawes's Avatar
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    Yep, It's happening all over the U.S.
    "If ever time should come, when vain and aspiring men shall possess the highest seats in Government, our country will stand in need of its experienced patriots to prevent its ruin." Samuel Adams

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