new bee: broker vs. bank, which one to choose, how is Bank of America no fee mortgage plus?

[NYC2RDU]

Originally Posted by prius109

I was never under the impression that two nationally syndicated talk show hosts was "Hearsay"

Hearsay: Second-hand evidence, generally consisting of a witness's testimony that he/she heard someone else say something.

Your post was not based on first-hand knowledge and/or experience. It's hearsay and not meant as an insult.

[rwally]

NYC2RDU…..I’m sure there are many people who feel the same way you do. Since BoA began the "No Fee Mortgage Plus" program in late April they have originated hundreds if not thousands of new loans.

Perhaps their opinion will change when they realize why BoA willingly loses money on each of the "Mortgage Plus" loans they originate in exchange for the opportunity to build a huge database of potential new clients for all of the other financial services that they offer.

Floyd Robinson, Bank of America's president of consumer real estate and insurance services said, "this is about a relationship more so than about a single product sell. We are here to build relationships, to become the trusted adviser for the customer." Bank officials say they typically are able to cross-sell 5.3 additional products for every mortgage customer.

Or maybe they "bash" BoA for the same reason some of our Republican legislators have.

Lawmakers are lashing out at Bank of America Corp. over its new program to offer credit cards to customers without Social Security numbers, saying it creates a dangerous loophole for terrorists and illegal immigrants.

Rep. Tom Tancredo, R-CO, has called for a federal investigation of the program, sending Attorney General Alberto Gonzales and Homeland Security Secretary Michael Chertoff a letter requesting a review of the program.

"After September 11, we were told that money was the lifeblood of terrorists, and that we should do everything possible to block their access to financial resources," Tancredo said in a statement. "Today we are hearing a far different message: Bank of America, it's everywhere terrorists want to be."

The program welcomes applicants without a Social Security number and credit history if they have held a checking account with the bank for three months without an overdraft.

Another Republican lawmaker criticized the program, saying it should be stopped to avoid security risks with illegal immigrant members of the program. "If an individual wants to get a credit card, they can get that in their home country," Rep. Marsha Blackburn, R-TN, told FOX News.

"This is something that is of deep concern to me, that Bank of America would choose to market to those that have chosen to break U.S. law to enter this country and then they would give credit to them," Blackburn said.

Bank of America stands by its program, saying that it complies with all U.S. banking and anti-terrorism laws.

[Bull City Rising]

OK, folks, I'm closing this thread because I'm concerned it's about to veer into a discussion about complaints/concerns with particular mortgage originators and banks.

City-Data has revised its terms of service regarding the posting of consumer complaints on the forums:

This is not the right place for consumer complaints. Such posts present defamation issues and they don't give the other side the opportunity to present their side of the argument.

This is a relatively new change; please keep this in mind before publicly raising concerns about individual institutions, companies, etc.