"Bring Back the Boring Bureaucrat Bankers"

[applegrove]

Bring Back the Boring Bureaucrat Bankers

By The Daily Take, The Thom Hartmann Program | Op-Ed at truthout

http://www.truth-out.org/opinion/item/16916-bring-back-the-boring-bureaucrat-bankers

"SNIP........................


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.

........................SNIP"