HARP 2 and Other Problems Mount for Bank of America Mortgage Business

Bank of America continues to hit the headlines, unfortunately for all the wrong reasons. It all started late in 2011 when Bank of America decided to exit the Correspondent Lending business. Housing wire reported that Bank Of America was grappling with $1 trillion in soured mortgages and securities written prior to the 2008 acquisition of Countrywide Financial Corp. Even though the BofA spokesperson mentioned it was done to focus more on the "direct-to-consumer" channel. Then earlier this year Bloomberg reported: Bank of America's retail channel has been unable to keep up with demand…
continue reading →

Get Mortgage blog Delivered To You

res-mobile