Bank of America Mortgage Rates – Wells Fargo Competition?
Posted on | July 13, 2009 | No Comments
As I mentioned not too long ago, I think Bank of America is doing a superb job marketing their home loans and overall business. I cannot watch CNBC for more that 20 minutes without seeing a commercial for Bank of America home loans. On every major social networking website I see Bank of America checking account advertisements. I have also noticed a significant increase in the number of Bank of America ads that are being show by Google. This tells me that Bank of America truly wants to be a competitor to Wells Fargo mortgage rates.
It is going to take time for Bank of America to be able to compete with Wells Fargo because Bank of America made some very bad decisions when it comes to the subprime mortgage crisis. That being said, the government has given them the TARP money they needs, hopefully, and they should soon be able to get most of the subprime mess off their books. After this happens, Bank of America should be able to find a way to make a profit.
That being said, I recently listened to a Roubini interview in which he said there is no way banks are going to survive in this economy and they should all be nationalized. I tend to agree with Roubini most of the time, but are banks still struggling even after all the money WE gave them? I know there are several financial institutions who have paid it back , but I guess that is only the best of the best.
Overall, Bank of America is working very hard to promote their home loans business. I am not sure if they will ever be able to truly compete with Wells Fargo but we will sure find out soon enough. Bank of America releases earnings on July 16th so that should tell us a lot about how they are doing overall. I am sure they will sugarcoat most things, but the reaction by Wall Street should tell it all.
Tags: bank of america mortgage rates > Wells Fargo Mortgage Rates
Comments
Leave a Reply