Monday, December 22, 2008

Maybe It's Time to Refinance Our Mortgage and Test BoA's Claims

CNN has had a heck of a time trying to pin the bailed out banks down on how they're going to spend their taxpayer subsidized windfalls. But Bank of America's response is putting me in a testing mood:
CNN contacted the banks that were given the biggest chunks of the bailout: Citigroup, JPMorgan Chase, Wells Fargo and Bank of America.

The latter received $15 billion as part of the federal Troubled Assets Relief Program (TARP).

Where the money went is not clear.

"We are using the TARP funds to build our capital and make every good loan that we can," Bank of America said. The bank said it expects to release more information in its fourth quarter earning report.
We have a good credit record and the resources to qualify for refinancing. I'm tempted to go see if Bank of America is really interested in making "every good loan it can."

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