The Racket > PNC Bank for Comparison...
The the behavior of Bank of America employees, execs and legal should be able to stand on it's own as fraudulent in nature. BUT it really, really stands out once you realize how PNC Bank rectified their derivative HELOC Agreement Reset problems.
In the very first Reset notice, PNC notified me of a pending 208% payment increase, but they presented 4 fixed rate conversion options. I selected a 30 year fixed rate with merely a check mark and a signature, and my 208% pending incraese was reduced to 47% increase with under 5 minutes worth of work.
- No underwriting
- No phone calls
- No emails
Bank of America - As crazy as it gets.
A collegue of mine is currently facing a Reset with PNC, and was NOT offerred the same escape option. She is facing a 255% payment increase, and her notice looks remarkably similar to my notices from Bank of America as opposed to my notice from PNC. It would appear Bank of America is now influencing PNCs handling of their Reset process...
See the "Bank Documents" page for copies of all these doucments