It’s appears that big bank Bank of America is up to the same old dirty tricks that helped contribute to America’s financial meltdown in the first place. According to the American Banker magazine, Bank of America is using a misleading sales pitch and a flood of fine print to sell you and me on mortgage refinancing plans. The American Banker reported Monday that a mailer in New Jersey from Bank of America, “sounds eerily like a sales pitch from the bubble days of 2005.” The mailer talks about annual savings of more than $4,000 if borrowers refinance their mortgages, but according to National Consumer Law Center attorney Andrew Pizor, the refinancing offer would actually add more than $37,000 to the cost of a borrower’s loan. Basically, the mailer focuses on lowering monthly mortgage payments, while neglecting to mention that the borrower would end up paying a higher overall interest rate, and would be adding 10 more years to the overall length of their loan.
Posted on: Thu, 13 Jun 2013 21:16:19 +0000
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