[BofASucks]

Woodland: ""Somewhat off subject, but I am curious as to your opinion on the current debate regarding foreclosure and loan modification. Seems like they are putting some teeth or sweeting the carrot or getting a bigger stick, don't know how to put it, but does your reading of the current legislation look to you like the government is going to start using threat of bankrupticy court principal modification as a way to bring lenders to the table? Do you think the process is so complicated by servicers, investors, and bundled mortgage-back securities to allow any real reform to take place. Would appreciate you insight. Thanks.""

I wish I had some insight into this but my instincts tell me that just as they already have, the feds are going to help the banks and make noises about helping the taxpayer/consumer. BofA alone received something like $45,000,000,000 with no strings attached, ostensibly to help their mortgage customers but instead I think all they did was improve their 800-customer-dissuasion circle. When we finally did get a live person to talk to, the twit informed us that our only option was to refinance at an upfront cost of $12,000. I told her to kiss my @ss and hung up.

It's an atrocity but it has happened before in this country in 1907, when it was a massive foreclosure on farms and the banks ending up owning millions upon millions of acres of farm land. I'm cynical as hell and feel like the only way the consumer is going to succeed in getting a modification is to be the squeakiest wheel on the wagon. And even then it's a 50-50 chance.

If we can't get a modification and/or I can't get a job, we're going to have to let this house go back to B of A. I'm hoping that if the foreclosure spectre becomes to great, B of A and other banks will reconsider modifications. But I just don't know, and unfortunately I don't have great faith that Obama will do a damn thing, either. And I voted for him.