# Dave Ramsey Calls Bank of America a Cesspool After $1.2 Billion Fine

> Dave Ramsey targets Bank of America after its $1.2 billion fine for compliance failures.
- Title: Dave Ramsey Calls Bank of America a Cesspool After $1.2…
- Summary: Dave Ramsey targets Bank of America after its $1.2 billion fine for compliance failures. Dave Ramsey advises a Phoenix homeowner to stop paying loans after…
- Keywords: dave ramsey, bank of america, bacc, federal trade commission, occ, fincen, heloc, short sale, foreclosure, anti-deficiency law, Dave, Ramsey
- Source: 24/7 Wall St. — https://247wallst.com/personal-finance/2026/10/15/it-is-truly-a-cesspool-dave-ramsey-targets-bank-of-america-after-its-1-2-billion-fine
- Author: Jake FitzGerald
- Published: 2026-10-16T01:30:45+00:00
- Read time: 1 min
- Topics: dave ramsey, bank of america, bacc, federal trade commission, occ, fincen, heloc, short sale, foreclosure, anti-deficiency law
## Ramsey's Cesspool Critique
Dave Ramsey called Bank of America a cesspool after its $1.2 billion fine for compliance failures.

> It is truly a cesspool
## Phoenix Homeowner's Situation
James owns a Phoenix rental worth 400 thousand with $260 thousand mortgage and $100 thousand HELOC.
## Bank's Compliance Fine
Bank of America received a $1.2 billion fine for failing to monitor trillions in transactions and unreported suspicious activity.
## Ramsey's Short Sale Plan
Ramsey advised the homeowner to stop paying loans and challenge the bank to collect after refusal.
## Arizona Anti-Deficiency Law
Arizona's law shields homeowners from deficiency judgments but HELOCs are not purchase money loans.
## Sale Price Scenarios
Selling at $400 thousand leaves $40 thousand equity after costs; $380 thousand leaves $6,600 short.
## Bank's Collections Strategy
Bank of America can pursue $60,000 shortfall after foreclosure auction brings $300 thousand.
## Action Steps for Homeowners
Calculate net equity, check state anti-deficiency rules, compare price cuts with deficiency judgments.
## Key takeaway

Dave Ramsey advises a Phoenix homeowner to stop paying loans after Bank of America received a $1.2 billion fine for compliance issues.