Bank of America’s Decreasing Housing Revenue
The housing industry has recently seen recovery as the economy has been improving, but Bank of America has not been seeing improvement in the housing sector of their business. Bank of America has recently released that the amount of profit generated from mortgages have decreased along with the amount of mortgages being signed. Bank of America is also looking to pay settlement funds for the housing crisis, but the settlement funds are set to end a large amount of their disputes. It seems that Bank of America is not doing so well, especially when they are signing less mortgage deals at the time where the housing industry is starting to recover. Many investors are unsatisfied with all this negative news.
It is very difficult for companies to take hold of the right timing to perform certain actions especially since the economy is extremely volatile. Since Bank of America now knows what they are lacking they can work on making up for these gaps, and hopefully begin to generate more revenue.
Written by: Jessica Ho
Source: The Wall Street Journal