Watching the news and Bank of America saw a profit of over 3 BILLION dollars but their revenue was down which are concerning their investors. This just makes me want to help homeowners even more with their short sales as the banks are still somehow making profits while the consumers are stuggling.
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Kari, that's good to know. I just wish Bank of America would start working on their short sale process to make it as easy as they say it would be with equator portal.
I agree. I understand that BoA is a business and they need to make money..but are they working to help struggling customers?? Did BOA get our tax dollars in stimulus money??
I know that $3 Billion is a lot of money, but that does not mean that they should lose money due to our current market. Unfortunately, there were a lot of things that lead to our current situation. We dont see others like Loan Originators (myself) or Realtors (you) or Appraisers cutting their commissions on these deals in order to help the sellers out. I know, our commission is quite smaller than the $3 Billion they are reporting, but thats not really the point.
Bank of America and all investors are doing their part to accept short sales. They could hire staff to help process them quicker... but they are already losing money. Why would it be acceptable for them to lose even more?
No I dont own BofA stock and I also don't just blame lenders for our situation. Too many hands were in the cookie jar and that really set off our market. Now we have to all deal with the pain of our situation. BofA still makes money, Originators make money, Realtors make money, etc.
Great post topic. :-) Have a great weekend.