Banks put squeeze on the middle class

| 22 Feb 2012 | 08:27

    The war on the middle class continues. It all started when we received a letter on April 22 stating that our line of credit through Wachovia Bank was now permanently frozen. We had refinanced with credit scores in the 700’s, just the year before. When we were doing the paperwork, the loan officer convinced us to take out a line of credit in addition to our refinancing, telling us that we should take the extra money just to have it as a back-up or to pay off additional credit cards. We took the Wachovia rep’s advice and we were happy knowing that there would be additional funds available for our daughter graduating high school and going off to college and not knowing whether there would be any other unexpected financial strains. Who would have thought the bottom would fall out on the economy just one year later? We were relieved to know that we at least had our pre-approved line of credit sitting there if we needed it. Months before, my husband Jon placed several calls to Wachovia, asking them whether our line of credit was secure. After hearing all the reports on the news about “failing banks,” we were concerned. The representatives from Wachovia assured us we had no reason to worry. When we inquired with the bank on the recent ”freeze,” we were told they were doing it to everyone, claiming that property values had dropped 50 percent and homes in our area were in foreclosure; that “short sales” had decreased our home’s value. And to end the conversation, the representative from Wachovia tells us: “The bank is looking out for our best interest, by protecting out credit rating.” It’s laughable, I say: The public knows that all the banks are looking for a way to appear that they have turned some sort of profit. They are doing it by taking back and raping hard-working Middle America to make their bottom line look better in their quarterly reports. We’ve paid on time, every time. We held up our end on the deal. Why are we being punished for everyone else’s shortcomings? And where are the banks getting their appraisal for my house? Wachovia told my husband that they hire their own appraisers. How convenient. The township makes me pay taxes on their valuation report for my property that well exceeds Wachovia’s appraisal by nearly $15,000. Where is my security now? I wonder who is going home with a bonus this time for thinking up this new scam? Again, we, the middle class, get screwed. Where do we turn for justice? Jon and Faith Hartlage Wantage