We obtained a loan from Countrywide which is now Bank of America. It was originally a predatory loan and we modified in March 2009 with Countrywide. Once we switched to BofA ownership, we hoped for better service and a responsive team to our inquiries. But that has not happened. As it turns out, we were told that the company is one and the same. New ownership does not mean better management or equitable treatment.

We are battling to keep our house and want to work with the bank. All we get are people in India. Yesterday we spoke with BofA about our loan and the loan retention associate was in India with no power. They read scripts, put you on hold and never really modify the loans. After the big bailout, the predatory loans such as ours is still smoke and mirrors. Lower the interest rate but continue to pay on an interest only loan. To make monthly payments manageable, lower the interest and add the amount due to the backend of the loan. Smoke and mirrors. That is all you get.

With both Countrywide and BofA CEOs either in trouble or ousted, how is a consumer supposed to handle their financial obligations in a responsible manner?