Financial guru Dave Ramsey has branded Bank of America a 'cesspool' and urged a financially stretched homeowner to consider walking away from a $100,000 home equity line of credit (HELOC), but his advice could leave the caller facing a costly property dispute.
On the 15th October episode of The Ramsey Show, Ramsey reacted furiously after a caller named James revealed that Bank of America held the second loan on his struggling Phoenix rental property. He cited the bank's recently announced $1.2 billion regulatory penalty, calling it 'the evil empire' and declaring that its conduct showed it was 'truly a cesspool'.
