Bank Documents - BofA and PNC
This document page has been superseded by info on the CFPB-Case151221000345 page...
That said, there are very good questions on this page that will get you thinking in the right direction....
==========================================================================================
If you ignored everything else on this website and just read thru the annotated Bank Documents below, it would be apparent that something is very problematic with this "HELOC Reset Crisis". The documents below are related to one Bank of America HELOC Reset (my own) and two PNC Resets (one of my own and one of a colleague).
Basic Facts provided by the documents below...
Basic Questions with no logical answers...
No matter how you look at any of this, something is wrong.
There are two windows with info below:
1) Bank Document Packet INTRODUCTION -- 2 pages that provide outline and general info for each document
2) The Bank Documents - There are 6 Documents in the Packet
That said, there are very good questions on this page that will get you thinking in the right direction....
==========================================================================================
If you ignored everything else on this website and just read thru the annotated Bank Documents below, it would be apparent that something is very problematic with this "HELOC Reset Crisis". The documents below are related to one Bank of America HELOC Reset (my own) and two PNC Resets (one of my own and one of a colleague).
Basic Facts provided by the documents below...
- 200%+ payment increases in the form of arbitrary forced-pay-down of lines of credit are not "normal"
- 200%+ payment increases for any type of legitimate "mortgage" is not normal (in the event you want to categorize these derivative Lines of Credit as mortgages).
- PNC Bank's willingness to voluntarily convert a 208% payment increase to 45% is great, but it's not normal for a bank to voluntarily move out of a very profitable situation
- PNC's change in approach from my HELOC Reset, voluntarily reducing burden, to the second HELOC reset forcing a 200%+ payment increase, is dramatic.
- PNC's change in notification format from my HELOC Reset to the second HELOC reset is very suspect, as the second notice looks nothing like the first, but identical in nature to Bank of Americas initial notices.
Basic Questions with no logical answers...
- What are these 200%+ Payment increases all about?
- HELOCs have been around for decades. They were previously referred to in simpler terms as a secured credit card. Why were there never Reset issues prior to 2014-2017?
- How did any Attorneys who created Agreements for Bank of America or PNC from 2004 thru 2007 ever believe that a 208%, 251%, or 288% payment increase would be acceptable at the time of a HELOC Reset 10 years later?
- How does Bank of America intend to justify a 288% payment increase for any consumer banking product? Whether a customer was knowledgeable or not at time of origination, a 288% payment increase that jeopardizes a consumers home is so far out of bounds from a consumer protection perspective it’s silly.
- Who or what motivated PNC to voluntarily offer the modification options in their initial Reset notice to me? Who or what caused them to change course with the notices to my collegue which now look similar in presentation to Bank of America notices?
- Why did PNC then change directions 6 months later on someone else's HELOC?
- Why does PNCs notice to the other person 6 months after mine look almost exactly like Bank of America's notice, instead of their first notice to me?
- Bank of America turned down my payment reduction application indicating current/proposed debt was too high. Current debt was related to an interest only period, and future debt was related to the 25 year term, and I was turned down for a ratio related to an irrelevant 15 year term. Combine these documents with my emails, and you will see BofA was totally unwilling to put anything related to their Program Guidelines, my ratios, nor my denial in writing. Why not?
- What happened to secure credit card Agreements from 2004-2007 to create this crisis? What was different about the Agreements that have lead to this Reset crisis? Why aren't renewals being offered, as was the case 10 years ago and in all times prior to that? Why does everyone believe these are mortgage products when in fact, they were/are in-house credit products?
No matter how you look at any of this, something is wrong.
There are two windows with info below:
1) Bank Document Packet INTRODUCTION -- 2 pages that provide outline and general info for each document
2) The Bank Documents - There are 6 Documents in the Packet
- DOC 1 -- Bank of America HELOC Statement showing past and future payment
- DOC 2 -- PNC HELOC Reset Doc - First Notice (Bryan Canary) - includes reasonable payment reduction option
- DOC 3 -- PNC HELOC Reset Doc - First Notice (Anonymous Female) - NO reasonable payment reduction option
- DOC 4 -- Bank of America Reset Doc - First notice - NO reasonable payment reduction option
- DOC 5 -- Bank of America Reset Doc - Second notice - Invitation to "fake" payment reduction process
- DOC 6 -- Bank of America Reset Doc - Denial for payment reduction
1) Bank Document Packet INTRODUCTION
2) Bank Document Packet
SOME OF THE HIGHLIGHTED TEXT IS NOT DISPLAYING PROPERLY IN THIS VIEWER.
Please click here --> Bank Document Packet to view packet in new tab to view properly.
Bank Document Packet (click here to view in a new tab/download)