Jama Davis sent a message to Bruce VanSaun that said:
I am writing this letter to notify you about the poor processes you institution has in place regarding Loan Deferral options. Our nation is under a crisis with Covid 19 now more than ever Americans are struggling to pay their bills. Our President and this countryâs leadership has urged banking/mortgage institutions such as yourself to offer 90 day DEFERMENT on home loans. It is a disgrace to mortgage holders such as myself what your company is offering as financial hardship assistance. The approach you are taking with NOT offering DEFERMENT but instead offering FOREBEARANCE is none other than predatory to your clients.
I am at the front line as a Healthcare provider, my husband is a small business owner that has had no other choice but to temporarily close his doors due to the COVID 19 crisis. It was not our choice to have our Mortgage bought by you institution our previous lender sold our mortgage. We have never in 25 years of various home ownership and mortgages been late on a payment and to date we are still current on our home mortgage payments. Being aware of the current recommendations to offer home owners a deferment and that many other reputable companies are offering that we reached out to you on April 2nd to be told about your FOREBEARACE program. This is not DEFERMENT this does not offer the American people relief over the next 90 days! And I am sure you would say well we offer also at the end of 90 days to renegotiate your loan again not what our leaders of this great country are asking for.
How does you leadership come upon this decision and choose to go directly against what many other lending institutions are offering? Poor and greedy leadership that is predatory on the American people is all that this decision represents.
We are one family and there are many others that you are targeting as well. How you CEO or Board of Directors sleeps at night I cannot comprehend knowing the choices you are making. But I guess that type of leadership explains why your rating is 1.2. Again not by choice that I have you as a mortgage company but now I am one of the unfortunate ones that are not being offered the chance at DEFERMENT in this difficult times as millions of other Americans have had the ability to have with their mortgage companies. Not one other person have I came in contact with that doesnât bank with a company that isnât offering DEFERMENT of home loans at this time.
I hope your company will reconsider this ridiculousness that you are practicing and offer a reprieve to the American citizens.
I will also be contacting our State Attorney General as well as the Consumer Financial Protection Bureau to notify them of your practices.
Sincerely,
Jama Davis
