Bank of America Cutting 30,000 Jobs - Good or Bad?

By
Real Estate Agent with Keller Williams Realty Louisville East (502) 664-7827

 

Bank of America is downsizing 30,000 employees. Click here for article.

 

  • Is this good or bad for the housing market?
  • Will this help BOA process short sales faster?
  • Will this help BOA process REO's faster?

 

Realtors nationwide are trying to help the banks mitigate their losses by processing short sales.

However, Bank of America is notorious for taking a year or two years to process individual short sales, all the while the houses are losing value. The many thousands of short sales that were handled ineffectively could have helped BOA recover more funds than they did by foreclosing and dumping the houses as REO's.

Just plain hard to understand.


Posted by

 

 

Dave Halpern, Realtor

The Dave Halpern Real Estate Group

Keller Williams Realty Louisville East

Website David.DavidHalpernRealtor.com

(502) 664-7827

 

 

View Dave Halpern's profile on LinkedIndave_halpern twitterhalperndave_facebookDave Halpern QR CodeLouisville Foreclosure Realtors Dave Halpern

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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Not hard to understand at all.  Banks make money on foreclosures. 

Sep 12, 2011 11:26 AM #1
Rainmaker
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Goran Utvic
606 Homes LLC | Chicagoland Brokers Inc, Chicago IL 60656 - Chicago, IL
We Buy & Sell Chicago Houses Fast

Dave - I agree...if they had been better with short sale approval maybe they wouldn't be in such bad shape!

Sep 13, 2011 02:11 AM #2
Rainer
478,183
Not a real person
San Diego, CA

Bank of America lost my business back in 1999. Nothing they have done in the ensuing 12 years encourages me to give them any type of business whatsoever.

Oct 04, 2011 06:05 AM #3
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Dave Halpern

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