we have applied for mortgage modifications through bank of america. ave been doing so since about six months after the death of my wife in 2008. initially bank of america said, no, it is a modification based on the fact we did not occupy the resident, which is untrue. we since then went to meta for help with mortgage modifications. they have said in the same things, repeated requests for the same document again and again. as of friday, people start knocking on our door at 12 noon, interested in the foreclosure sale of was taking place that day. when i spoke to mr. rodriguez from meta later that afternoon, he informed me that the bank told him that the house was sold from under us to a third party. we were still in review for mortgage modifications. i understand this is in direct violation of federal law. if there were five criteria to be met for mortgage modifications, i believe my children and i met four, if not all five, and were in the process. someone else said they were in mortgage modifications purgatory. we are in hell. thank you. supervisor ava

francisco to cut ties with bank of america and consider the environmental exposure of bank of america and other banks' investment portfolios in the upcoming rfp. the city and state prides itself on being green leaders, and this is an opportunity for the city to take a step away from the carbon in 107 polluting industries supported by bank of america and some of our finance not propping up the pollution. thank you. supervisor avalos: thank you very much. next speaker, please. >> good morning, supervisors. my name is reverend carl alexander, and this is my wife. i am a leader and the san francisco organizing project, an affiliate with a much broader network called the national network for people improving communities through organizing, which is working on a national bank and accountability campaign. i also served on the committee that has been appointed to oversee the hunters point shipyard community fund which can be leveraged into creating a financial institution which creates responsible lending and strategic investment opportunities. in general, -- let me move back up. tickets -- i

well bank of america. unwisely i don't know maybe the voluntarily quote unquote as these other banks did with their fifty percent losses right voluntarily put this country in merrill lynch . at the behest of the government again voluntarily but they purchased obviously insolvent its missions that were very very large they were both the largest in their respective fields and one of the largest. in of itself is a litigation synchro you know. it's no reason we had to a country where it is done but in a nutshell they have litigation of the was through on top of occasion from a fundamental perspective they are mired in assets of the preceding. exponentially and even if they attempt to reclaim for recovery it's almost laughable because of the coverage they have with their mortgages and just. make them which is. which is overpriced property at the top of the bubble ok that is dropped to four calls on certain properties. in two thousand and two thousand and eight i ran a study and i found that the bank of america.

didn't bank of america didn't earninst, those by competition. instead bank of america receives mastercard this duopoly that mas runs a credit card business in america basically fixed the prices and retailers and consumers have no voice in the i process. this is why the fi is fromwipe competition. now the bank of america is out in the open with this overchargn of their own customers it's time the federal reserve found acrose the bank on average 7 cents to conduct a debit transaction, signature transaction and iteria costs less for bankamerica with the economies of scale but they found the bank of america was getting an average of 44 cents you can't make that type of 600% profit-margin nearly 600% in a e transparent and competitive market in taihe free and fairtht market these profits would be competed down to a reasonable c, card companies, these things like we did america will retai continue to wane, consumers and retailers and of course now thas bank of america's customers will lose toth read today of writtena letter to the ceo bigot americaa ,

[tone] you need to take a look at bank of america and the rest of these banks who are conning the people and maybe you need to bring obama here, not for a fundraiser, but to see and talk to the people that these things are happening to. >> next speaker, please. >> [speaking spanish] >> it good afternoon. i would like to tell you all about how lost two of my homes. >> [speaking spanish] >> that happened in 2008. i bought my homes in 2006 in san francisco. >> [speaking spanish] >> i got a letter at chase which at that time was washington mutual, that i was behind on my payment. >> [speaking spanish] >> they called me on the phone and told me i had the opportunity to refinance my homes, but they were giving me the opportunity to do one. >> [speaking spanish] >> this that needed to give them $1,300 for them -- $13,000 to refinance my mortgage. >> [speaking spanish] >> i sent them $13,000 because i had to mortgages, a small mortgage and a big mortgage. >> [speaking spanish] >> between three and four weeks after i sent money, i got a letter from the bank telling me they had denied my modificat

bank of america announced it will charge its customers $5 a month if they use their debit card. at has made a similar decision or is considering a similar charge. here is the report. >> starting in early 2012, bank of america debit card holders will be charged $5 a month whether they use their card once a month or 100 times a month. >> it may not seem like a lot but it really adds up. >> customers we spoke with, especially those that enjoy the convenience of a debit card -- >> i use my car all the time. >> are contemplating changing banks. >> that is how much people pay. it is easy to use, and you do not have to worry about your past. >> -- your cash. >> her husband the lawns to bank of america. >> he is probably going to want to change banks. >> a spokesperson stated the economics of offering a debit card have changed due to credit card regulations. the statement refers to the billions of dollars the bank industry expects to lose annually. starting saturday, they cannot charge retailers as much as they used to for swiping debit cards. u.s. senator dick durbin blasted the fortune

was fired shortly after bank of america took over countrywide bank of america so they fired her for inappropriate unprofessional conduct but recently the u.s. department of labor found that no that wasn't the case that actually they fired her as payback for her investigations that were finding massive fraud at countrywide and for trying to protect whistleblowers who she believed were being harassed and retaliate against by countrywide right now what about the other founder and c.e.o. angela is illo of countrywide you know. he was accused by the securities and exchange commission of insider trading in securities fraud. the agency claim that he had taken north of one hundred forty million dollars in ill gotten gains out of the out of the company before it was near collapse and had to be bought up by bank of america ultimately they settled for a substantial sum sixty seven point five million dollars but the key here is that most of that was paid by bank of america or by countrywide insurers mozilla himself paid out of pocket about i think was twenty two and a half million which by my calculations is

when you say bank of america, i kind of get a heart attack. you know the bank of italy and their headquarters was in san francisco and now they are in north carolina. i know how the takeover took place. todd and charles -- hopefully they will look at ways of investing and stay away from any entity that has a lot of toxic loans. any entity that has participated in that algorithms, where they brought the downfall of our economy. thank you very much. >> thank you. >> i believe i need a motion. >> so moved. sion? all those in favor? opposed? the motion carries. next item. >> item 12, authorizing the general manager of the san francisco public utility commission to execute on behalf of the city and county a lease for the chevron pipeline company pursuant to charter section 9.108 and requests the director of real-estate division prepare and submit legislation to the board of supervisors to approve a 20-year police in alameda county to operate and repair existing petroleum product pipelines for an annual rental payments based on appraisal in the amoun

bank of america being the largest, having most of the funds at present. there are also accounts with wells fargo and union bank. a multitude of banking needs. all the different accounts and different banks are engaged with the city because there are so many names and different types of transactions that take place every day. we had information from the summer, 194 accounts. there are a lot of accounts flowing through the system. in terms of the bank accounts, the average monthly beginning balance is about $255 million each month. as the treasurer pointed out, money coming in and out, lots of transactions. by the end of the year, about $12 billion has been dispersed through the citibank account, including not only the city and county of san francisco, but also funds from the community college and school district. the regulatory framework, state law is obviously key in governing how the banking operations function. then there are city investment policies on top of that. also, as has been discussed, the rfp is being prepared to review the current arrangements

bank of america is charging that $5 fee, starting next year. lls fargo and chase are already testing a $3 debit fee and might roll them out nationwide soon. right now, only u.s. bank and citibank are not charging debit card fees but citibank is rolling out a new basic checking account, and that will cost $10 a month. diane? >> all right, thank you, matt. and matt has helped put together a list of fees for basic checking services, charged by the ten biggest banks in america. and you can compare them all by going to our website, abcnews.com/worldnews. >>> and now, a man best known for the way he sings has just sparked a national debate over what he said. hank williams jr., who has been kicking off "monday night football" with his signature song for 20 years, was pulled off the air last night after making controversial comments about president obama. here's abc's sharyn alfonsi. ♪ are you ready for some football ♪ >> reporter: his rousing open to "monday night football" is iconic. but last night, espn sidelined hank williams jr., after his comments

we currently bank with three banks, bank of america, wells fargo, and union bank. given the occupy sf and wall street protests happening around the world, there is a lot of focus on the lack of accountability on those three banks at least. how did we come to the decision to go with those three banks? what flexibility is there to make changes in that arrangement? >> a lot of where our accounts set is due to history. technically, these 133 accounts are spread across three banks, but the overwhelming majority are with bank of america, simply because that is the relationship the city has had the longest. your question about what we can do about reing gauging and thinking about changing or completely replacing any of our current relationships, that is what this rfp is about. it is not that easy to move 133 bank accounts. if you think about how often we think about moving our accounts from one bank to another, it is not something that we do every week or even every year. similarly, it is a lot of work to set up these accounts, make sure that the millions of transactions

and the press is too stupid to ask him specific questions like well what about in the case of bank of america or j.p. morgan or goldman sachs log number. where on this day they broke it egregiously why did you not prosecute you shameless punk and as william k. black former bank regulator the man responsible for putting over fifteen hundred bankers behind bars in the one nine hundred eighty s. after the savings and loan collapse said here on this show the laws were broken and there are no new laws needed and in fact in this clip barack obama then goes on to say this is why we needed the dodd frank act well in fact as william cable access the laws are already there you're not allowed to commit fraud there is ample evidence ok well if there if no laws were broken barrack obama then why is it necessary for congress to pass a law that gives a grants immunity to the banks is it because the banks a broke the law or be committed moral transgressions so let's move over to the u.k. with the other center of financial fraud and how the leader of the country there openly states that there are crimes being

gotten gains out of the out of the company before it was near collapse and had to be bought up by bank of america ultimately they settled for a substantial sum sixty seven point five million dollars but the key here is that most of that was paid by bank of america or by countrywide insurers was ill himself paid out of pocket about he was twenty two and a half million which by my calculations is sixteen cents for every dollar the government claimed that he had taken out an ill gotten gains ok keep it on countrywide the loans of course that were fraudulent is they were packaged into securities and sold to europeans and pension funds walk us through this part of the either galloping and fraud that nobody in the obama administration chooses to recognize right you've got investors all over the world who are pursuing countrywide slash bank of america claiming that that not only was countrywide you know defrauding its morris but it was also defrauding investors by misleading them about what. characteristics of the loans are there in the packages packages of the loans are being sold including and inflati

treats their customers like bank of america. ank of america's values reflect their own. bank of america is the largest bank by assets in the united states. now it is crying poverty saying it is forced to hit their debit cardholders with this new monthly fee because congress passed swipe fee reform. i don't buy it. here's the reality: bank of america and banks in general are making billions of dollars still with this new reform in law off of credit and debit card swipe fees. swipe fees are an estimated $50 billion a year money maker for the banking industry. $50 billion. bank of america alone makes billions from swipe fees each year. but bank of america didn't earn those fees by competition. instead, bank of america receives these billions because visa and mastercard basically fixed these prices and retailers and consumers have no voice in the process. this price-fixing has immunized the swipe fixing scheme in america. now that bank of america is out in the open, it is time for real competition to step income tax the federal reser

bank of america at announce their five other monthly fee last month. -- bank of america announced theirmonthly fee last month. >>> talking about snow? >> are you ready? >> absolutely not. >> i did not think so. people in west virginia, even if front royal, even leesburg, gaithersburg later tomorrow, they may be doing that. outside, we have corinne. i think primarily a rain event in washington. what snow at the end that is about it. almost 2 inches of rain, october 30-31, 1925. the radar and washington, the rain has moved in. this is the time lapse from skyline drive. there is the snow, the first snow already falling. look at the temperatures right now. one of the features, the water temperatures of the ocean this time of year, still mild, 60 degrees at a city. as the storm comes up and draws any of that warmer ocean air in especially on the coast and in washington metro area, we will keep it more rain. nonetheless what the weather advisory affecting over 20 million folks from the mid- atlantic up into the northeast. here is the wave in the atmosphere. the storm beginning to develop that

now, to bank of america. as we told you this week, the investment firm, credit suisse said if bank of america did as they did to molly, it would make more than it did before the regulations. it doesn't count the checking fees they're testing for $9 of some accounts soon. bank of america sent us a statement, everything we do with our customers is to be clear and to give them a choice. you can see the full statement on our website and facebook page as well. our chief business correspondent, ali velshi is with us. lee, let me start with you. can you explain why this is happening now? part of, they're blaming the regulation. >> they are. that's true. one of the things the recent round of regulation did was minimize the fee banks can charge to retailers. if you're a shop cooper, you get charged for processing a credit card transaction. they're cutting that in half. what b of a is say, they have to make it up somewhere. this is where they make it up, a very big number, very round, very obvious. the thing about bank

when bank of america announced it was hiking its debit card fees the backlash started. all eyes were then on the other big banks. tonight, they have backed down. bank of america has changed its policy a bit, but it appears here consumer power has worked at least in this case. it's where we begin tonight with nbc's tom costello in washington. tom, good evening. >> reporter: hi, brian. bank of america says it is keeping the fees, but it will drop that debit card fee for customers who use direct deposit on their paycheck, who use a bank of america credit card and also who maintain a minimum balance. no word on what that minimum balance might be. in the past it's been thousands of dollars. for a quick sampling of public opinion about those debit card fees look no further than youtube. >> i have a bone to pick with bank of america. >> pay off whatever checks you have and withdraw all of your money. >> bank wars! >> reporter: while bank of america, wells fargo, sun trust and regions financial are sticking with their plans to charge customers a monthly fee for debit card purcha

so now to bank of america. ou this week, the investment firm credit suisse says if bank of america charged a $5 fee like it is doing to molly or did until she left them on all the debit cards, it could make more than it did before the regulations and that is just debit cards. it doesn't count the checking fees which they're testing at $9 for some accounts starting soon. bank of america sent us a statement that reads in part, everything we do with our customers is to be clear and to give them a choice. that's what the recent debit card decision is as well. you can see the full statement on our website and facebook page as well. alley bell ali belshy joins us now. can you explain why this is happening now? they're blaming the regulation. >> yes, they are. and that's true. one of the things the recent round of regulations did was minimize the fee that banks can charge to retailers. so if you're a shopkeeper, you get charged for processing a debit or a credit card transacti transaction. they're cutting that in half.

. >>> we know you're upset about the charges from bank of america. at they'll do to your debit card. while people are signing petitions and shopping at other banks, we haven't heard from bank of america about in idea until now. what the ceo is saying this morning. that's straight ahead. that have earned the keurig brewed seal of approval. the keurig brewed seal is our commitment that the coffee inside will deliver a delicious cup of coffee every time. keurig brewed. look for the only mark of genuine keurig quality. good morning, bob, thank you for joining us. first of all, tell us about what is going on today. >> this is an important day. it brings together two key issues. the prevention of bullying and the parent involvement. there's no worse thing with regard to preventing bullying than for people to be quiet. witnesses, victims, if you see it, you need to report it. >> reporter: what do you think of the folks gathering to show support? >> we're honored to host them today. >> they've done a lot of good things in regards to bullying prevention. they

, as 135,000 people sign one petition alone against bank of america. th the company so far refusing to engage publicly with customers, outraged over the big new fee on the basic banking practice. so, today, abc's matt gutman tracked down the ceo to ask him to respond. >> reporter: for six days, we've been working to get answers from bank of america about its new $5 debit fees. about its downed homepage. so, after dodging us for a week, we tracked down bank's ceo in washington. wondering if you could answer a couple of questions for us, sir. who finally allowed us to ask him a few questions about that $60 a year debit fee. does bank of america need that money? in order to stay alive? >> the fee is meant so we can provide a great service. >> reporter: as a loil customer, i've been doing it for free. >> a customer comes with a full relationship, we'll still get this fee. >> reporter: that means a premium account with a much higher monthly minimum balance. we see petitions out there, 150,000 plus people saying, we're going to leave the bank. everybody seems

but also, looking at their relationship to eviction -- we had bank of america -- which financed city apartments, have banks to finance conversions and other similarly frowned upon practices in the san francisco. as one of our requirements, we need to look at the eviction practices of the banks as well as the foreclosure practices. >> what justification are the banks giving for evictions? >> they're just giving a 30 day notices. is ignorance as well as just that they have the attitude of we are immune to everything. it is arrogance that we see quite a bit. >> and has the out reach we have done to the banks been adequate? >> it does not seem to be. when tenons contact that tenants union or someplace else, they are told they cannot evict and they don't have to move and they stand up and fight for their rights. but many assume that because they get this 30 day notice that they do have to leave. >> thank you. >> my name is willie radcliffe and i'm a general contractor and developer. i publish the san francisco bayview newspaper. i think we have heard all the bad things about the banks. i w

bank of america hasn't said how many of it's 58 million customers will be paying the fee.some loyal bankt charge fees: "you used to hear bank of america, they're so big we're so little, we're still here and they're having trouble" trouble"and it might not be long before more banks follow bank of america by adding their own debit card fees. 3 here's... our... question of the day....//will... you... drop your bank.../ if.../ it... charges ...the new... debit card fee?this topic started a heated discussion on our facebook page...join it by going to facebook dot com slash fox-baltimore 3 now there's.../ proof ...that... all your.../ deleted ...text messages..../ aren't... really deleted...///. ááaáá newly... released government.../ document.../ reveals.../ ááhowáá much.../ of ...that information.../ is... being saved...///. for...// instance...// verizon..../ keeps ...a list of everyone ...you text.../ .for a year..../. áásprintáá... keeps... texts...// for... 18 months.../. áát-mobileáá five years..../ ááa-t-táá..../ seven...////. ááthisáá info... is helpful to law enforcement.../ which...

so now to bank of america. as we told you this week, the investment firm credit suisse says if bank of america charged a $5 fee like it is doing to molly or did until she left them on all the debit cards, it could make more than it did before the regulations and that is just debit cards. it doesn't count the checking fees which they're testing at $9 for some accounts starting soon. bank of america sent us a statement that reads in part, everything we do with our customers is to be clear and to give them a choice. that's what the recent debit card decision is as well. you can see the full statement on our website and facebook page as well ali belshy joins us now. can you explain why this is happening now? they're blaming the regulation. >> yes, they are. and that's true. one of the things the recent round of regulations did was minimize the fee that banks can charge to retailers. so if you're a shopkeeper, you get charged for processing a debit or a credit card transaction. they're cutting that in half. so what b

>> it's not related, but this is definitely not leaving bank of america laughing. shares dropped below $6 today, right now down more than 7%, below $6 for the first time it's been this low since the financial crisis of 2009. bank of america shares, brooke, have lost more than half their value this year. all because of these ongoing worry bz the recession and talk that greece may run out of money. remember, b of a is real sensitive to economic slowdown because it's the nation's biggest bank. no laughing matter for shareholders today. >> alison, thank you very much. >>> next, chad myers. we're talking philipsburg, p.a., some other areas of the northeast, are experiencing something i can't even articulate. s-s-s- -- >> yes. you're almost there. >> snow! >> all weekend long. >> what? what? >> this weekend in parts of pennsylvania, west virginia was, if you don't like the weather, wait five minutes it will change. the sun was out, eight minutes later it was snowing, then it was raining, the sun came back out and it was snowing again. in fact, davis, west virginia, picked

and today, she turned 153,000 signatures in withdrew all of her money from bank of america, then cut up her debit and credit cards. >> i feel g i feel like i made the right decision. and i don't want to be with a bank charging customers like that and isn't going to have a response to over 150,000 people signed on. >> bank of america's ceo defends the fee saying the bank has right to turn a profit. and analysts say banks lose money on small account holders and probably want them to take business elsewhere. molly is taking her business to a credit union. it's never been cheaper to own a home. and for the first time in history the average fixed rate is below 4%. freddie mac puts it at 3.94%. and this 15 year is at a record low 3.26%. keep in mind that is for a conforming loan not the jumbo that's most of us have here in the bay area. and worries about the global company are behind the decline and interest rates. >> and cheap is good when it comes to retail sales and a trade association says revenues rose five and a half percent, consumers grabbed discounted merchandise and analysts say i

bank of america's plans fees of $5 a month has really struck a nerve with consumers. why is this happening? we investigate. >> if you are a bank of america customer, that is the sound of $5 coming out of your wallet. >> bank of america would like to remind you is that they do not want to use your atm card, feel free to use one of art tellers. if you want to leave, it is $6. >> he is a spokesperson which a u.s. firm, the public interest research group. since wall street took over, the insistence on extra fees has become that rages. the banks cannot seem to make money any other way than a nickel and diming consumers. >> people are frustrated. we would all like everything to be free. cut off onenment's of the sources of income to help pay for the checking accounts. the cost has shifted to consumers. >> the recently enacted dodd- frank act limits the amount banks can charge merchants for processing debit card transactions. merchants used to pay about 44 cents for transactions. they now pay 21 cents. according -- banks lose money on half of their checking account customers.