Eventually the Bank of America controlled my entire financial life. I had a savings account, a checking account, a debit card, and a credit card. I, who had always sworn allegiance to cash...
Since they already owned me the Bank of America decided to go for the jugular. They sent me an offer in the mail to apply for a home mortgage loan. They said it was the greatest thing since sliced bread, and the advantages for me were uncountable, that they were eager to "help me, and so on, and so fotrh. Over and over and over again they sent the ads in the mail, until finally my resistance broke down, and I went in and applied.
The loan officer wanted to know if I had a job, and whether I intended to make a down payment. I replied that I had a job, albeit not a very well paying one, and that I had no intention of making a down payment...nor did I offer collateral. He promplty approved my loan, at a slightly higher than usual interest rate, but still a great bargain, he assured me.
At about the same time, the Bank of American loaned 200 million dollars to Michael Jackson, and was handing out debit cards to illegal Mexicans.
For several years my mortgage went along fine. I loved my new house, and had no trouble meeting my financial obligations. Then, perhaps because of this, the B o A began offering me an opportunity to refinance, and began offering it to me over, and over again, until.....you guessed it, my resistance eventually broke, and I decided to apply for a refi... and.that's when things got even crazier...
...to be continued
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