Bank of America Home Loans

a vice president of sales with Bank of America Home Loans and a loan officer and partner with Commerce Mortgage. Ben Lerner has been a mortgage advisor and a partner with Opes Advisors since cofounding a local branch of the firm in 2013. In 2015, he earned top national mortgage…

many other scholars give many reasons--like greed from banks, unverified income, and simple carelessness--for the crash in the housing market that contributed to the Great Recession. Like the 2015 film, The Big Short, my goal is to focus on the housing market from the bank and buyers side to illuminate how the economy got so bad. In such a complex subject, I will provide you with the basics that you must understand. When someone applies for a loan, their financials, which include income, assets,…

President George W. Bush he clearly relates the American Dream with home ownership. “Right here in America if you own your own home, you're realizing the American Dream” (G.W Bush, Remarks by the President on Homeownership, St. Paul AME Church Atlanta, Georgia USA, June 17, 2002). In 2003 the Federal Reserve dropped interest rates to 1% (Labonte & Makinen, 2008) this caused America to start spending big and the American dream of home ownership; instead of being a myth and something which has…

became a risky situation for many stores because the stores were basically giving the people the money to buy the items. Sometimes, the people were unable to pay back the amount they owed. Banks also started to loan out money to Americans in order for them to pay for certain items. This also was risky because the bank was never one hundred percent sure to get their money back. During the twenties, the economy grew due to the technology advances and growth within…

take advantage of the rent-to-own program, I believe it is a great way to help people who otherwise would not be able to make such a purchase. I went to a bank, which I will leave un-named, to find out what I would need to do with them in order to get a home loan. It was at that time that I found out that, I do not have a credit score at all. The loan lady told me that I was a first for her, that she had never seen a credit score come back with no number on it. I asked her what I could do to get…

The secondary mortgage market is a huge piece of Americas real estate market. The secondary mortgage market allows bank to sell mortgages to certain investors and government lending agencies. This is where both Fannie Mae and Freddie Mac come into play. Although the names of both of these agencies sound similar there is one key difference between the two agencies. Let's look at what each of these agencies has to do with the mortgage and housing industry. Fannie Mae Fannie Mae also known as…

So many Americans have looked at buying a house, but what if you aren’t ready to commit to that house just yet? Many people have taken out loans/mortgages just to offer a house they think they want to live in for the rest of their lives. Not all of those people actually can keep up with their payments, or really want to live in that house for the rest of their lives. Whether it be because they have to relocate due to their job, or something they have a family situation that involves them to…

people are happy, when the market is down people are sad. In 1929 when the stock market crashed the Great Depression had been set in motion. When a disaster such as a stock market crash happens, it causes people to wonder, what happened and how can America prevent another crash from happening? In the year 2000 Kristen Brennan wrote a book about the 1929 crash and the Great Depression, she also talks about how to prevent another crash and references the causes of the first crash. It is rather…

American agriculturists during this time, overproduction in manufacturing, unequal distribution of wealth, and poorly designed bank systems set the shoddy groundwork from which the American economy would go crashing down. The habits that America fell into during the Great War carried on into the 20’s and 30’s…

The stock market crash started on September 29, 2008. The stock market crash of 2008 lost $10.2 trillions of dollars. This crash had a huge impact on America even today. The cause of the stock market crash of 2008 is that Congress rejected to send the bank bailout bill . One of the impact that the stock market crash affected is that we are making less money. Emily Sanders, managing director at United Capital Financial Advisers says that “Real income is down”. The first reason for the…