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Bank of America’s a Player!

Published July 21st, 2008 in mortgage market, Market Updates. by Sam Benson Tags: No Tags.

 

Bank of America is reporting that quarterly profits did fall, but less than expected.  I guess in Lay-person language that’s a very positive sign.  The 40% drop in earnings show that the bank has stated a loss for the past 12 months.

Bank of America goes on to say the compesating business was  investment banking that showed a $357 million trading profit.  So where’s the credit crisis?  It’s on Main Street, not Wall Street. 

I have to give Bank of America credit for their positive attitude towards the mortgage business.  If my instincts are correct, they will emerge as a Super Player in consumer mortgage banking as well as wholesale business through mortgage brokers, small banks and credit unions.

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