first union national bank Complaint - unfair and deceptive lending -predatory lending

Review by gleward5@cs.com on 2002-01-29
CLINTWOOD, VIRGINIA -- I have home equity loan with first union. the rate is 17% when the fed dropped the rate first union would not lower the rate. they said the payments would decrease how they have developed this chart that keeps the rates the same. several other first union clients are complaining about this. someone with authority needs to investigate this.

To help keep me as a potential future customer, I would like the following:

first union should cancel all the loans that have cheated consumers out of the equity in their homes and release the titles.

At the very least I would like a response from your company regarding this incident. Thank you for your time.
Comments:3 Replies - Latest reply on 2002-05-11
Posted by Anonymous on 2002-01-29:
First Union hasn't cheated anybody out of anything. You have a fixed rate loan. That means the rate does not change for the life of the loan. I am sure this was explained to you at closing. Don't go around saying the bank is cheating you just because you are too stupid to handle your own finances.
Posted by Anonymous on 2002-01-29:
Would you expect your rate to go up if the prime went up. I doubt it. Fixed rate means just that. The name is the definition. That's why people (and you)refinance loans.
Posted by Anonymous on 2002-05-11:
Oh I have heard this one so many times...Look people, banks are in business to make money..I would venture to say that banks would consider giving you a loan for 8% fixed rate, and if the rates go up, you agree to increase the rate to 17%. Sounds crazy doesn't it....you are asking the same thing.....Wake up & put the pipe down.

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