You have to sympathize with the long time BAC shareholders
Remember how the Feds forced BAC to buy Merril Lynch and Country Wide Mortgage a few years ago? Now the shareholders have been hurt and will continue to suffer for a long time.
I am no longer in practice but I know a lot of people who were living off BAC dividends. The politicians really have let us down. This mortgage nightmare started in 1999 when Fannie and Freddie started the no doc loans as a trial period in 14 states. The administration at that time really thought it was everyone's right to own a home in this country and it did not matter if you could afford the mortgage or not as your home's value was appreciating double digits every year. Talk about a bubble..
Im not a BAC shareholder yet, but if I were you guys I'd be bending some politicians ears. Have anyone here ever got a loan from BAC, and seen what they require? Has anyone ever tried to get loan from BAC and been turned down? (I know many who have). Did anyone in the past go to countrywide to get a home loan because BAC turned them down? (I know many who did) Talk to your local real estate agents and ask them how countrywide was versus BAC back in the bubble years. If you could find enough evidence, you might be able to do something. It just doesn't seem right.