Your rates of bank

The prospect of mortgage debt forgiveness will entice hundreds of thousands of homeowners into picking up the phone to play the home-preservation game of “Let’s Make a Deal,” beginning this fall.- advertisement -

The federal government’s Hope for Homeowners plan started Oct. 1, and a “proactive home retention program” for some Countrywide customers will begin by December. Both initiatives promise to help qualified homeowners avoid foreclosure by giving them lower monthly house payments.

Under the mortgage relief programs, some people will get reduced interest rates, either temporarily or permanently. Others will have a portion of their home debt wiped away. Some will get a combination of reduced rate and loan forgiveness. Still others will wind up disappointed.

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Switch banks? Some account holders would rather gnaw off a limb than sever the ties that bind them to their financial institutions.- advertisement -

Today, we are bound to our banks like never before, thanks to direct deposit and automatic bill pay, sweep accounts and CDs, credit and debit cards, and expanded brokerage and insurance products, not to mention online banking.

All things considered, even staying with a bad bank sounds better than the unthinkable hassle of moving on, right?

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