My husband is a colonel in the US Army ret- just got back from tour in Afghanistan. While he was gone we opened a HELOC - USAA had me PAY for appraisal- this was in October 2007. Two days ago (May 14th 2008) USAA called and informed me that they re-appraised our home and based on that and comps - they had dropped the value of our home over 50K - I asked to see appraisal and comps -they refused. We had actually just had a real estate agent bring us comps -they came in 3% from last fall - but certainly not down 30% - the market it slow but not dead where I live.

The result of this, the froze my line of credit- and are now requiring PMI -because we don't have 20% equity based on their new "appraisal" -

Spoke to 5 different people- and the supervisor at the top told us - that- market conditions and credit crunch is responsible - and they have the "right" to do this any time they want. To add insult to injury they had the GALL to tell us "No one else will do any differently your home is worth anything anymore..."

Funny - Pentagon federal credit union - sent appraiser out and retrieved comps from our actual neighborhood - and told us - no problem - they put the house at 55K more than USAA -

Needless to say - we're re-financing everything-

USAA - is horrid bank - I can only assume that they didn't like that our HELOC was at 4.023% - and being that its end of quarter- they want to take write downs-

Really *** since my husband has been a member for over 20 years- and we carried everything through them -

USAA is just another NASTY big bank - screwing people - beware- of doing any type of loan business with them.