Predatory Homeowners Run Amok!

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A predatory homeowner paid off her mortgage 24 years early—depriving the bank of 288 valuable interest payments—and then has the nerve to complain about her FICA score!

From The Chicago Trib:

"Nancy Schweitzer paid off her mortgage 24 years early. Now she finally has proof. The Des Plaines resident, you might recall, was put through the financial wringer by Bank of America, which told the credit bureaus she had defaulted on her loan — after she had paid the remaining $64,161.57. Bank officials promised the Problem Solver they had resolved the issue but Schweitzer, featured in the Feb. 20 column, asked Bank of America to put everything in writing. A bank representative told Schweitzer he would send her a letter detailing how the bank had fixed her issues."

How thoughtless of her!

There's not a second's thought for the bank's reinvestment risk in a global ZIRP environment!

Doesn't she know that cash stream could be levered up over thirty-to-one in some toxic CDO squared somewhere?

Seriously, who speaks for the bondholders here?

(Yes, I am completely kidding. NetNet is always thrilled when the little guy manages to cut through the finance bureaucracy—we even do our part whenever we can.)


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