letters and counting!
Dear Mr. Moynihan, Just wanted to thank you personally for the widespread use of the ol' bait-and-switch tactic used extensively by your mortgage division. In short, I applied for a $25,000 home equity loan to remodel my house. I had 60% equity in the home (valued at $265,000). I also had good credit and job history. Assured by your representative that the loan was approved, I began demolition of my kitchen. The day we were to close the loan, your rep called me and told me "my underwriter made a mistake and you don't qualify for this loan. However, we can give you the loan with a much higher interest rate." At this point I told him where he could stick his loan. Thanks to your company, I had to cash-in savings bonds meant for my daughter's college education just to have a functional kitchen again. After some research, I found this was common practice. Not that it did any good, I filed a complaint with the Better Business Bureau. Thanks again for your greed, and enjoy your bonuses. Sincerely, Jordan Lindquist