Government Help for Underwater Mortgages. Most homeowners cannot afford this. The federal government created the Making Home Affordable Refinance Program. Here's the main reason people hate Bank of America. Here's Why People Hate Bank of America - - The Motley Fool. It's fair to say that Bank of America(NYSE: BAC) is the pariah of the banking world. It found itself at the bottom of the heap in a J. D. Power survey of mortgage customers; it was the worst- performing bank on last year's American Customer Satisfaction Index; and the industry publication American Banker recently announced that it has the lousiest reputation among both customers and noncustomers of any large lender in the country. But I was nevertheless surprised at the outpouring of vitriol that our readers heaped on the nation's second- largest bank by assets in a series of articles that I've written of late. In one detailing allegations of abuse under the 2. Home Affordable Modification Program, or HAMP, readers lambasted the bank for a multitude of slights. Is it wise to buy a condo with basically shitty credit right now? I've paid up the gov't what I owe. The financial crisis led to a variety of government mortgage help programs. The Basics of Virgin Money’s Family Mortgage Program. The Federal Housing Administration (FHA) is a United States government agency created in part of the National Housing Act of 1934. It sets standards for construction. How should the government help. And finally, a rebate program for purchase of. I need help managing my debts and dealing with creditors. Bilingual Services Program at. And a third expressed the opinion that . Is the point that both I and the vast majority of our commenting readers take perverse pleasure in kicking Bank of America while it's down? Do the comments I quoted above reflect nothing more than the collective opinion of a vocal minority? Are the readers that took the time to share their experiences just a bunch of freeloaders who are unjustly blaming the bank for their own, preventable travails, such as buying a house at the peak of the market, taking on a second or third lien, or agreeing to an inappropriately structured mortgage? While all of these are legitimate questions, they nevertheless miss the primary issue here. What people should be asking themselves, and particularly those who defend the big banks like Bank of America, is this: Are the nation's largest lenders intentionally exploiting their overwhelming market share by acting as economic predators? And are they doing so despite the fact that they owe their very existence to a massive multibillion- dollar bailout from taxpayers? No reasonable and informed person would disagree with the contention that banks play an important role in society. Indeed, many historians believe that robust and advanced financial institutions were the reason that a tiny island nation like Great Britain was able to become a world power. And few people would disagree that American consumers should be more responsible with their personal finances - - though, this somewhat goes against the domestic consumer engine that's fueled the U. S. That is the issue here. And that, in my opinion, is why people hate Bank of America.
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