We Couldn't Bank On It
June 26, 2010 2:57 PM Subscribe
Our bank says it is selling our mortgage. We only have a year and a half left to pay. Is there anything we can do?
We carefully searched banks when we refinanced our mortgage 8 years ago. We selected a local savings and loan that verbally guaranteed us that the mortgage would always remain in and be serviced by the bank. This week we received a letter that our loan was sold to Freddie Mac and would no longer be serviced by the bank. We are pissed. Do we have any options. Should we stir up local ire against the bank via the net, as the bank advertises itself as being the the most community friendly bank in town?
We carefully searched banks when we refinanced our mortgage 8 years ago. We selected a local savings and loan that verbally guaranteed us that the mortgage would always remain in and be serviced by the bank. This week we received a letter that our loan was sold to Freddie Mac and would no longer be serviced by the bank. We are pissed. Do we have any options. Should we stir up local ire against the bank via the net, as the bank advertises itself as being the the most community friendly bank in town?
This seems like a reasonable thing to be irritated about, but not every bad experience needs to be repaid with "local ire."
posted by gabrielsamoza at 3:06 PM on June 26, 2010
posted by gabrielsamoza at 3:06 PM on June 26, 2010
There is nothing you can do to reverse this and as it won't affect you in any practical way why are you upset?
posted by koahiatamadl at 3:14 PM on June 26, 2010 [1 favorite]
posted by koahiatamadl at 3:14 PM on June 26, 2010 [1 favorite]
verbally guaranteed us
there's this saying: "oral agreements aren't worth the paper they are written on."
I bet if you read through your mortgage documents, your local bank retained the right to sell your loan (even if they verbally said they wouldn't.)
It's not entirely clear why keeping the mortgage at the local bank is so important. If I were in your shoes, I would be more excited about the prospect of paying off the mortgage in a year and a half than anything else.
posted by ambrosia at 3:21 PM on June 26, 2010
there's this saying: "oral agreements aren't worth the paper they are written on."
I bet if you read through your mortgage documents, your local bank retained the right to sell your loan (even if they verbally said they wouldn't.)
It's not entirely clear why keeping the mortgage at the local bank is so important. If I were in your shoes, I would be more excited about the prospect of paying off the mortgage in a year and a half than anything else.
posted by ambrosia at 3:21 PM on June 26, 2010
This will have no effect on you other than you will be writing your check to a different entity. All the other terms and conditions of your mortgage will remain the same, so why does this make a difference to you?
posted by jasper411 at 3:22 PM on June 26, 2010
posted by jasper411 at 3:22 PM on June 26, 2010
We've been making mortgage payments for 30 years (two different houses) and our mortgages have been sold probably a dozen times. At first I cared but after a while I realized it's just the way the world works.
posted by davcoo at 3:24 PM on June 26, 2010 [1 favorite]
posted by davcoo at 3:24 PM on June 26, 2010 [1 favorite]
This would bother me, but I'm not sure it's avoidable. And my guess is you don't have many local bank options where you live in any case. I'd suggest either trying to refinanace with another bank if you're truly incensed, but realistically maybe writing a letter to the editor [free of vitriol, it's not worth it] saying that you're disappointed in the decisions your super-local friendly bank has taken.
Really, times are tough all over and I'd be guessing they're not really that psyched with this turn of events either, so I'd try to be tactical. You'd like to express your disappointment, but really you don't want all your neighbors to think you're a crazy wack job [plus complaining about a mortage being sold is small potatoes compared to people who have been out of work for months or years] so I'd try to make a statement, decently, and then put it behind you.
posted by jessamyn at 3:24 PM on June 26, 2010
Really, times are tough all over and I'd be guessing they're not really that psyched with this turn of events either, so I'd try to be tactical. You'd like to express your disappointment, but really you don't want all your neighbors to think you're a crazy wack job [plus complaining about a mortage being sold is small potatoes compared to people who have been out of work for months or years] so I'd try to make a statement, decently, and then put it behind you.
posted by jessamyn at 3:24 PM on June 26, 2010
Should we stir up local ire against the bank via the net, as the bank advertises itself as being the the most community friendly bank in town?
Do you want to be the kind of person who goes out of their way to negatively impact someone who's negatively impacted you? Do you think it does the greater good a service of any kind, or is this just the revenge talking?
I can't imagine a year and a half of mortgage service change is worth any kind of wrath at all, but by all means, if you feel like all wrongs need to be out-wronged, go ahead.
posted by Hiker at 3:25 PM on June 26, 2010
Do you want to be the kind of person who goes out of their way to negatively impact someone who's negatively impacted you? Do you think it does the greater good a service of any kind, or is this just the revenge talking?
I can't imagine a year and a half of mortgage service change is worth any kind of wrath at all, but by all means, if you feel like all wrongs need to be out-wronged, go ahead.
posted by Hiker at 3:25 PM on June 26, 2010
Best answer: Do you want to be the kind of person who goes out of their way to negatively impact someone who's negatively impacted you? Do you think it does the greater good a service of any kind, or is this just the revenge talking?
Well, the bank made a promise to do something and didn't follow through. I'm sure if the OP didn't honor their side of the agreement the bank would sure take action.
I think I could see being a little miffed, not sure if I'd go beyond just warning my friends about my experience with that bank, though.
posted by Menthol at 3:34 PM on June 26, 2010 [1 favorite]
Well, the bank made a promise to do something and didn't follow through. I'm sure if the OP didn't honor their side of the agreement the bank would sure take action.
I think I could see being a little miffed, not sure if I'd go beyond just warning my friends about my experience with that bank, though.
posted by Menthol at 3:34 PM on June 26, 2010 [1 favorite]
First loan with tiny S&L was sold almost immediately to Washington Mutual. We refinanced with Wachovia and it was sold to Wells Fargo. In eighteen months you can have a party where you burn your paperwork. Let it go and move on.
posted by fixedgear at 3:35 PM on June 26, 2010
posted by fixedgear at 3:35 PM on June 26, 2010
The impact on you will be you change who you make your checks out to, and where you mail them.
Unless you're engaging in other conversations with your bank about your mortgage that I'm not thinking of.
So, 18 more payments and done, no? This new bank can't change the terms of the mortgage, your rate, change your principal, or anything else, so it's very difficult to see what injury you are sustaining.
Well, you were told the bank would take care of you, but then if they are unable to do that anymore, you can hardly change a whole bank's business. It's possible even, that your lovely local bank is having some sort of financial trouble, and getting out of the mortgage business, is a strategic move. In which case you raising a ruckus will be the least of their worries.
Unless I'm missing something critical you've left out.
posted by artlung at 3:44 PM on June 26, 2010
Unless you're engaging in other conversations with your bank about your mortgage that I'm not thinking of.
So, 18 more payments and done, no? This new bank can't change the terms of the mortgage, your rate, change your principal, or anything else, so it's very difficult to see what injury you are sustaining.
Well, you were told the bank would take care of you, but then if they are unable to do that anymore, you can hardly change a whole bank's business. It's possible even, that your lovely local bank is having some sort of financial trouble, and getting out of the mortgage business, is a strategic move. In which case you raising a ruckus will be the least of their worries.
Unless I'm missing something critical you've left out.
posted by artlung at 3:44 PM on June 26, 2010
So here's a FAQ from Freddie Mac on why your loan is being sold emphasis added:
posted by artlung at 3:51 PM on June 26, 2010 [1 favorite]
4. Does Freddie Mac make loans?So your friendly local bank is trying to do for other people what they did for you. They got you a loan you clearly are very happy with, otherwise why would you be so irritated to sever the relationship, and now they want to use those funds to finance someone else getting a refi or a mortgage. That actually seems pretty cool and in line with "as the bank advertises itself as being the the most community friendly bank in town"
No. Freddie Mac does not make loans directly to homebuyers. After borrowers complete the closing process on their mortgage loans, Freddie Mac buys those mortgages from their approved lenders. The process of replenishing the supply of funds enables the lenders to make more mortgage loans to other borrowers.
posted by artlung at 3:51 PM on June 26, 2010 [1 favorite]
Given the turmoil in the financial markets over the past five years, and that this move has just about zero impact on you, maybe you could find it in your heart to forgive a small local bank that's trying to survive?
posted by NotMyselfRightNow at 3:52 PM on June 26, 2010
posted by NotMyselfRightNow at 3:52 PM on June 26, 2010
Response by poster: This is one of a series of community unfriendly decisions this bank has made, including closing a branch in a local high school, since it got a new CEO two years ago. To a certain extent we feel betrayed by this bank, which says it's concerned about the community and then acts just like a big bank. My question is m,ore how can we if at all influence the course this bank is taking?
posted by Xurando at 3:52 PM on June 26, 2010
posted by Xurando at 3:52 PM on June 26, 2010
Best answer: ...otherwise why would you be so irritated...
My gut says this is a "principle of the matter" situation. The bank assured them of something, turned out it didn't go that way, now they're feeling betrayed.
Think about this: People hate on Wal-Mart all the time and encourage supporting local businesses instead. Wouldn't it be crappy if you hated Wal-Mart a bunch and went out of your way to make a nice big purchase at a local business with that philosophy in mind, only to have that business sell your debt to Wal-Mart? Now you have to cut a check to support Wal-Mart every month, a company you hate.
Not saying that's what happened here, but trying to demonstrate how sometimes it doesn't matter if things like this actually change the business terms, it's still a bitter pill to swallow.
posted by Menthol at 4:01 PM on June 26, 2010
My gut says this is a "principle of the matter" situation. The bank assured them of something, turned out it didn't go that way, now they're feeling betrayed.
Think about this: People hate on Wal-Mart all the time and encourage supporting local businesses instead. Wouldn't it be crappy if you hated Wal-Mart a bunch and went out of your way to make a nice big purchase at a local business with that philosophy in mind, only to have that business sell your debt to Wal-Mart? Now you have to cut a check to support Wal-Mart every month, a company you hate.
Not saying that's what happened here, but trying to demonstrate how sometimes it doesn't matter if things like this actually change the business terms, it's still a bitter pill to swallow.
posted by Menthol at 4:01 PM on June 26, 2010
They told you something eight years ago and you're mad now because they changed course? Even though probably nobody involved in the original discussion is still at the bank, and we've been through the worst economic crisis in decades?
There's a lesson here: if something in a negotiation matters to you, get it in writing.
posted by sinfony at 4:13 PM on June 26, 2010
There's a lesson here: if something in a negotiation matters to you, get it in writing.
posted by sinfony at 4:13 PM on June 26, 2010
Get over it and move on. It's highly unlikely you're going to "influence the course" the bank is taking. Warn off your friends and neighbors from engaging their services if you feel you must do something.
posted by asciident at 4:14 PM on June 26, 2010
posted by asciident at 4:14 PM on June 26, 2010
how can we if at all influence the course this bank is taking?
You can take your accounts somewhere else. It's fairly clear that this bank, under its current management, does not have the same goals that you had hoped for.
Insert obligatory "credit unions rule" text here.
posted by shiny blue object at 4:21 PM on June 26, 2010
You can take your accounts somewhere else. It's fairly clear that this bank, under its current management, does not have the same goals that you had hoped for.
Insert obligatory "credit unions rule" text here.
posted by shiny blue object at 4:21 PM on June 26, 2010
Okay, so here's an answer based on the "principle of the matter" situation. Set up a meeting with the President of the bank to discuss the decision. As a long-time (~8 years) customer I'm sure you can get a meeting. In that meeting if you can civilly explain your unhappiness, burn off some of this vitriol. I presume you will get an apology. It might also give him or her a chance to explain their decision, and give them a chance to keep your other business. I expect that you have been swept up, in a small way, in the financial crisis that has put many, many lending institutions out of business.
posted by artlung at 4:23 PM on June 26, 2010
posted by artlung at 4:23 PM on June 26, 2010
In my experience, there's a paper you sign during closing that says you understand your loan may be sold to or serviced by another lender. Oral promises, as stated above, have no effect. I wonder whether you signed such an agreement? More, I wonder why you're so pissed? Won't cost you an extra cent, will it? If I were paying off a mortgage in a few months, or even years, I'd be cheering so loud they could hear me at the bank.
posted by fivesavagepalms at 4:27 PM on June 26, 2010
posted by fivesavagepalms at 4:27 PM on June 26, 2010
My mortgage has been sold so many times that I've lost count. Including after being verbally promised by a couple of those companies that they don't sell off their mortgages.
*sigh* It's irritating, but the whole industry is topsy-turvy right now and as long as my terms are honored, it's not really affecting me in any negative way. And the forces that make this practice more desirable are not going to be affected by me being cranky about it.
When we refinance this year, I plan to attempt to use a bank that will be less likely to trade my mortgage like a baseball card, but honestly, whoever can give me the most favorable terms is probably going to win. Be glad that you're almost done with having to participate in this mess of a financial climate.
posted by desuetude at 4:55 PM on June 26, 2010
*sigh* It's irritating, but the whole industry is topsy-turvy right now and as long as my terms are honored, it's not really affecting me in any negative way. And the forces that make this practice more desirable are not going to be affected by me being cranky about it.
When we refinance this year, I plan to attempt to use a bank that will be less likely to trade my mortgage like a baseball card, but honestly, whoever can give me the most favorable terms is probably going to win. Be glad that you're almost done with having to participate in this mess of a financial climate.
posted by desuetude at 4:55 PM on June 26, 2010
Should we stir up local ire against the bank via the net, as the bank advertises itself as being the the most community friendly bank in town?
You could write a letter to the paper or something, explaining yourself. But I think most people would wonder why you care, because:
1) As mentioned above, this probably could be construed as a community-friendly policy. The bank will receive money *early* to extend someone else a loan *sooner.*
2) You write a check to another place; this is not a new or special hassle for you.
3) The bank maybe verbally "promised" such a thing, but c'mon . . . after a huge financial crisis and eight years, it's a bit silly to think this wouldn't change. The fact of the matter is, they couldn't sell your mortgage, if your loan agreement didn't allow for it in the first place. If you really wanted them to adhere to their legally meaningless verbal assurance, then you should have had them strike out the relevant paragraph in the loan documents. Then you'd have options. But you didn't, I assume, so you don't.
posted by Dee Xtrovert at 5:26 PM on June 26, 2010
You could write a letter to the paper or something, explaining yourself. But I think most people would wonder why you care, because:
1) As mentioned above, this probably could be construed as a community-friendly policy. The bank will receive money *early* to extend someone else a loan *sooner.*
2) You write a check to another place; this is not a new or special hassle for you.
3) The bank maybe verbally "promised" such a thing, but c'mon . . . after a huge financial crisis and eight years, it's a bit silly to think this wouldn't change. The fact of the matter is, they couldn't sell your mortgage, if your loan agreement didn't allow for it in the first place. If you really wanted them to adhere to their legally meaningless verbal assurance, then you should have had them strike out the relevant paragraph in the loan documents. Then you'd have options. But you didn't, I assume, so you don't.
posted by Dee Xtrovert at 5:26 PM on June 26, 2010
We refinanced our mortgage 8 years ago...
I understand that you're upset that your bank broke a verbal agreement they made with you. On the other hand, I hope you can understand that a lot has happened to the world of banking in the last eight years. It may be that your local bank needed to change some of its practices in order to survive.
It is not clear to my why it negatively effects your local community for your local bank to have Freddie Mac service this loan. As Artlung points out, this will allow your bank to make another loan to someone in your local community. But let's set that aside, and treat it as a matter of principal.
As others have said, the best course here may be to meet with the bank president and discuss your concerns with her or him. That is one of the advantages of it being a local bank, after all: it is not a faceless corporation, but a group of individual human beings who you can have face-to-face contact with.
Treat this as an action that was taken by a person, not by a corporation. Talk with that person, and relate to them as a member of your community. If you lash out against non-person corporate identity of the bank you will be perpetuating the very alienation of community that you are trying to avoid.
posted by alms at 6:23 PM on June 26, 2010
I understand that you're upset that your bank broke a verbal agreement they made with you. On the other hand, I hope you can understand that a lot has happened to the world of banking in the last eight years. It may be that your local bank needed to change some of its practices in order to survive.
It is not clear to my why it negatively effects your local community for your local bank to have Freddie Mac service this loan. As Artlung points out, this will allow your bank to make another loan to someone in your local community. But let's set that aside, and treat it as a matter of principal.
As others have said, the best course here may be to meet with the bank president and discuss your concerns with her or him. That is one of the advantages of it being a local bank, after all: it is not a faceless corporation, but a group of individual human beings who you can have face-to-face contact with.
Treat this as an action that was taken by a person, not by a corporation. Talk with that person, and relate to them as a member of your community. If you lash out against non-person corporate identity of the bank you will be perpetuating the very alienation of community that you are trying to avoid.
posted by alms at 6:23 PM on June 26, 2010
shiny blue object wrote: "Insert obligatory "credit unions rule" text here."
For what it's worth, most credit unions also sell their originations into the secondary market.
The only thing you can do to avoid it is to not have a mortgage. The only way you can minimize it is get a loan from a bank that specifically advertises that they hold the vast majority of loans they originate. (One bank local to me advertises that they service 99% of the loans they originate)
But as other people have noted, selling loans is common and can even be a good thing. One of my clients is a heavy borrower for his various enterprises. If the local banks he borrowed from didn't eventually sell off the loans, he wouldn't be able to borrow any more from the local banks, as there are legal limits to how exposed to one particular borrower a bank may be. So in his case, the secondary market allows him to deal with a loan officer intimately familiar with him and his businesses, which saves a lot of time and headaches.
posted by wierdo at 8:22 PM on June 26, 2010
For what it's worth, most credit unions also sell their originations into the secondary market.
The only thing you can do to avoid it is to not have a mortgage. The only way you can minimize it is get a loan from a bank that specifically advertises that they hold the vast majority of loans they originate. (One bank local to me advertises that they service 99% of the loans they originate)
But as other people have noted, selling loans is common and can even be a good thing. One of my clients is a heavy borrower for his various enterprises. If the local banks he borrowed from didn't eventually sell off the loans, he wouldn't be able to borrow any more from the local banks, as there are legal limits to how exposed to one particular borrower a bank may be. So in his case, the secondary market allows him to deal with a loan officer intimately familiar with him and his businesses, which saves a lot of time and headaches.
posted by wierdo at 8:22 PM on June 26, 2010
The fact that you're marking Menthol's replies as best answers even though they are not answers to your question makes it look like you're really seeking affirmation of your feelings. That's not one of AskMe's strengths.
posted by NortonDC at 9:24 PM on June 26, 2010 [7 favorites]
posted by NortonDC at 9:24 PM on June 26, 2010 [7 favorites]
Have you ever considered that beyond being able to relend the money in the community if they sell the loan, they may in fact be undercaptalized/in danger of being shut down or even just may have to make significantly fewer loans if they don't divest their positions? This in practice may not be an optional move for them if they want to continue their ongoing banking operations without cutting back services.
posted by An algorithmic dog at 9:32 PM on June 26, 2010
posted by An algorithmic dog at 9:32 PM on June 26, 2010
Funny how the two answers marked "best" are the two least realistic in the thread.
Or, what NortonDC said.
Carry on.
posted by intermod at 9:58 PM on June 26, 2010 [1 favorite]
Or, what NortonDC said.
Carry on.
posted by intermod at 9:58 PM on June 26, 2010 [1 favorite]
Response by poster: I hear what everyone is saying particularly about AskMe. But, for me this is about integrity. What you all seem to be saying is that this bank doesn't have to have any as long as they honor the written contract. I say BS. Remember how we got into this financial mess in the first place courtesy of bankers without integrity. This bank is not in financial trouble and I continue to have a problem with a bank that says it is community centered in its marketing but is really something else.
posted by Xurando at 4:55 AM on June 27, 2010
posted by Xurando at 4:55 AM on June 27, 2010
It's highly doubtful that you have an adequate understanding of the decision-making process that went into the decision to sell your mortgage.
As a number of answers have pointed out, this could actually be a great thing for your community, as it enables the local bank to get more involved with local lending. Maybe they just lost a big account and need to shore up their balance sheets. And the fact that they held the mortgage for eight years before selling it suggests that they aren't in the business of rapaciously flipping mortgages, they're simply a financial institution attempting to make the best decisions with the assets they have.
Localism is a means to an end, not an end in itself. Chill.
posted by valkyryn at 6:00 AM on June 27, 2010 [2 favorites]
As a number of answers have pointed out, this could actually be a great thing for your community, as it enables the local bank to get more involved with local lending. Maybe they just lost a big account and need to shore up their balance sheets. And the fact that they held the mortgage for eight years before selling it suggests that they aren't in the business of rapaciously flipping mortgages, they're simply a financial institution attempting to make the best decisions with the assets they have.
Localism is a means to an end, not an end in itself. Chill.
posted by valkyryn at 6:00 AM on June 27, 2010 [2 favorites]
RESPA - Real Estate
Settlement Procedures Act:
What does your written mortgage contract say about the transferability of the loan?
posted by artlung at 6:20 AM on June 27, 2010
Settlement Procedures Act:
When you apply for a home mortgage, you may think that the lender, or loan originator, will service the loan until it is paid off or your house is sold. However, in today's market mortgage servicing rights often are bought and sold. The Real Estate Settlement Procedures Act (RESPA) is a consumer protection statute. Sections 6 and 10 of RESPA provide you with certain rights regarding the servicing of your mortgage and escrow account. Please read this important information concerning your rights and the responsibility of your loan servicer. Duty of Loan Servicer to Respond to Complaints. If you have questions or problems with the servicing of your loan, the servicer is required to respond to you. Write to your servicer and call it a "qualified written request under Section 6 of RESPA." It should be a separate letter and not mailed with your payment. The mortgage servicer must respond to you within 60 business days of receipt. (See Sample Written Complaint to Lender.)Loan Transferred to New Servicer. Your loan servicer is required to notify you in writing at least 15 days before the servicing of your loan is transferred to a new servicer. The notice must include the following information:So I did a little more reading about this and it seems that sometimes loans are sold one party, but the servicing is sold to a different party (source, source, source), or retained by the original lender, is that the case here?
- The effective date of the transfer, the date your current servicer will stop accepting payments and the date the new servicer will begin accepting them.
- The name, address, and toll-free or collect call telephone number for the new servicer.
- Information that tells whether you can continue any optional insurance, such as mortgage life or disability insurance, and what action, if any, you must take to maintain coverage.
- A statement that the transfer of servicing does not affect any term or condition of your mortgage documents other than the terms directly related to the servicing of the loan.
What does your written mortgage contract say about the transferability of the loan?
posted by artlung at 6:20 AM on June 27, 2010
Mod note: few comments removed - this needs to be less of a debate and more of a "get your question answered" sort of thing. Take side discussions to MeMail. OP, please don't comment just to fight with people's answers.
posted by jessamyn (staff) at 10:43 AM on June 27, 2010
posted by jessamyn (staff) at 10:43 AM on June 27, 2010
I hear what everyone is saying particularly about AskMe. But, for me this is about integrity. What you all seem to be saying is that this bank doesn't have to have any as long as they honor the written contract. I say BS. Remember how we got into this financial mess in the first place courtesy of bankers without integrity. This bank is not in financial trouble and I continue to have a problem with a bank that says it is community centered in its marketing but is really something else.
I hear ya on how frustrating it is that banks can seemingly change the rules whenever they want, but I think that what your bank has broken is more the letter than the spirit of "integrity to their word."
Because, after all, the terms of your mortgage will be honored. Thank the gods of common sense and decency that it is still verboten for a company buying a mortgage to "reinterpret" the interest rate or payment schedule.
I think that alms makes a good point about the difference between a person and an entity. Individual bankers didn't get us into this mess -- corporate interests did. But an individual made a decision about your mortgage, and maybe you can set up a meeting to discuss reversing this decision.
posted by desuetude at 11:10 AM on June 27, 2010
I hear ya on how frustrating it is that banks can seemingly change the rules whenever they want, but I think that what your bank has broken is more the letter than the spirit of "integrity to their word."
Because, after all, the terms of your mortgage will be honored. Thank the gods of common sense and decency that it is still verboten for a company buying a mortgage to "reinterpret" the interest rate or payment schedule.
I think that alms makes a good point about the difference between a person and an entity. Individual bankers didn't get us into this mess -- corporate interests did. But an individual made a decision about your mortgage, and maybe you can set up a meeting to discuss reversing this decision.
posted by desuetude at 11:10 AM on June 27, 2010
Best answer: This is one of a series of community unfriendly decisions this bank has made... My question is, more how can we if at all influence the course this bank is taking?
I worked as a corporate activist for several years. It is definitely possible to influence the behavior of companies, large and small. Anger is a great motivator, but you also need to plan your actions thoughtfully and focus on issues that will resonate with the public and with the employees of the company that you are targeting.
I believe you when you say that the bank has made a series of community-unfriendly decisions in recent years. However, the feedback that you are getting in this thread should make it clear that selling off your mortgage after eight years is not an issue that will resonate with most people. If you try to get the bank to become more community-friendly by focusing on that issue, I don't think you'll get much traction. If you want to be successful in your effort to reform the bank, you should focus on other community-unfriendly actions that they have taken.
Ultimately, to influence the bank, you will need to meet with them and have discussions with them. For that to happen successfully, you need to maintain some level of credibility. They need to be willing to speak with you and meet with you. Otherwise you'll never have a chance to make your case. That's why I suggest starting out by meeting with them. You can always go on to demonize them later, but talk to them first. Give them a chance to explain themselves and also use the opportunity to show them that you are a reasonable person.
posted by alms at 7:34 PM on June 27, 2010
I worked as a corporate activist for several years. It is definitely possible to influence the behavior of companies, large and small. Anger is a great motivator, but you also need to plan your actions thoughtfully and focus on issues that will resonate with the public and with the employees of the company that you are targeting.
I believe you when you say that the bank has made a series of community-unfriendly decisions in recent years. However, the feedback that you are getting in this thread should make it clear that selling off your mortgage after eight years is not an issue that will resonate with most people. If you try to get the bank to become more community-friendly by focusing on that issue, I don't think you'll get much traction. If you want to be successful in your effort to reform the bank, you should focus on other community-unfriendly actions that they have taken.
Ultimately, to influence the bank, you will need to meet with them and have discussions with them. For that to happen successfully, you need to maintain some level of credibility. They need to be willing to speak with you and meet with you. Otherwise you'll never have a chance to make your case. That's why I suggest starting out by meeting with them. You can always go on to demonize them later, but talk to them first. Give them a chance to explain themselves and also use the opportunity to show them that you are a reasonable person.
posted by alms at 7:34 PM on June 27, 2010
This thread is closed to new comments.
Your credit rating won't be adversely affected. You won't have a sudden change of officers at the bank. Don't make unnecessary waves.
posted by Old Geezer at 3:04 PM on June 26, 2010 [6 favorites]