Thursday, October 18, 2012

Post bubble?

"Bank of America, the country’s second-biggest bank, reported Wednesday that mortgage originations jumped over a year ago — up 18 percent to $21 billion. But the mortgage unit still lost money as the bank worked through problem mortgages issued before the crisis.

It’s the latest sign that five years after the housing bubble burst, mortgages remain thorny for the banking industry. They still drive revenue, but banks are getting hit with expensive reminders of the risky mortgage lending of last decade, in the form of lawsuits, foreclosures and regulatory headaches.

Bank of America’s chief financial officer said Wednesday he thought the housing market had turned, noting that home prices are rising more consistently. His statements echoed what JPMorgan Chase and Wells Fargo, the country’s two largest mortgage lenders, suggested last week."

Most of the headaches created, the banks created for themselves.  Us for example, almost four years and Bank of America still can't answer us.  Their only answer send more paper work---someone is getting paid to write these pathetic, idiotic letters. 

No comments:

Post a Comment