Bank of America Sued by Contractor

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-- Bank of America Sued by Contractor

Posted by nialsjd on May-14-2004 17:36:

Bank of America Sued by Contractor

Bank of America Sued by Contractor
� 2004

May 12, 2004

Alex Reignheart is suing Bank of America, claiming they are refusing him a loan of $65000 because of discrimination over how the money will be used. Reignheart is a 42-year old independent contractor from Hullington, Virginia who proposes to open computer centers in certain areas of Africa with the help of a loan from Bank of America.
A publicly released background check shows an outstanding 15 years of service in many third world countries. He is currently the president of an independent contracting firm called Tower Rise Contracting (TRC).
�I went to Africa when I was young,� says Reignheart. �As I grew up, I constantly thought about Africa and it wasn�t until my college years that I wanted to help their country.
�I feel proud of what I�ve done around the world and now I want to share my ideas with the people of Africa.�
After applying for the loan, Reignheart received a letter in the mail saying that his loan had been rejected.
�Their duty is about money, not about opinions. I have excellent credit and I have made myself a name in the contracting world,� Reignheart infuriates. �It�s absolute discrimination. If they think I won�t be able to pay them back fully with interest, then I�m going to have to get the money another way, and by that I mean filing a lawsuit.�
Bank of America has made no public statements. However a local representative says that any bank with any sense would reject the idea to open computer centers in areas that cannot even feed themselves.
Computer Centers are currently all the rage in America. They allow customers to pay an hourly fee to use computers in many ways such as research or gaming.
Bank of America does give money to certain charities including one for HIV-positive teenagers in Africa.

http://www.foxnews.com/coolstories

Posted by ShadoWolf on May-14-2004 18:31:

1) Africa is not a country

2) Banks have a right to know how their money is spent.

Posted by INDY on May-14-2004 19:13:

well as a mortgage consultant, yes banks check credits, see how much money you make and if you can support the amount of the loan..the loan is 65,000 grand..that is not a big amount of money from the numbers that i usually deal with. if he said that his credit is fine and he is a sucessful contractor..which means he probably makes a good amount of money per month..then i don't see why bank of america won't give him the loan...

just my 2 cents

cheers
indy

Posted by ShadoWolf on May-14-2004 20:04:

So the bank assessed its risk (and Africa is risky) and they said no. He can take his business elsewhere. That bank which takes the risk will be rewarded with interest payments.

Posted by nialsjd on Dec-06-2004 08:38:

hahaahahahahahhaahahahah