Review on Bank of America by Nick Kasilowski
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Bank of America is one of the largest mortgage lenders in the United States. The Bank of America is a publicly traded company that is headquartered in Chicago, Illinois. It is a unit of Bank of America, which is a savings and loan association. The name Bank of America is taken from the city where it is based, but the name is also due to the fact that it is one of the founding members of the American Federal Reserve System. Bank of America has been around since the early 1990s and is one of the biggest mortgage lenders in the country.
Bank of America, like many other banks and mortgage lenders, was caught up in the sub-prime mortgage crisis. Many homeowners were falling behind on their mortgages, and in some cases, their mortgages were being turned down for these payments. In response, Bank of America opened up several foreclosure divisions in cities around the country. The first of which was in Jacksonville, Florida, which was later sold off to Bank of America.
Bank of America, like many other investment banks and credit unions, also participates in various financial activities, such as foreign exchange, interest rates, and the trading of securities. However, unlike most of its competitors in the stock market, Bank of America does not trade shares in its main stockholders. Instead, it holds a majority stake in Bank of America's secondary market, which is the credit department's stock. Each year, Bank of America contributes five percent of its profits to charity through the "Homeowner Assistance Fund". As is often the case with Bank of America, the real estate division of Bank of America is one of the largest single financial units in the company.
While it is true that Bank of America does engage in some high-risk investments, the overall focus of this giant financial institution is to stay solvent. Over time, Bank of America has developed strategies to deal with any negative problems or concerns it may have regarding its financial health. In fact, many of the issues facing Bank of America are the result of poor management and policy. For example, Bank of America incurred heavy losses in the early months of the nineties due to poor financial policies and poor management. Fortunately, Bank of America finally learned from its mistakes and has implemented new, stricter investment practices. Consequently, Bank of America's stock price is at an all-time high, and over the last few years, it has steadily regained much of its previous gains.
While Bank of America is by far the largest financial institution in the United States, it also happens to be one of the most stable and reliable. On a yearly basis, Bank of America receives about two hundred billion dollars in loans and dividends. Many people believe that this amount of income is made possible by borrowing heavily at low interest rates and then allowing the money to compound, increasing the value exponentially. However, while Bank of America does make use of its borrowing power in a creative manner, most of the earnings actually comes from its investment banking arm.
In the past several years, Bank of America has established many joint ventures with other institutions and companies in order to increase its presence in international markets. This international expansion strategy has significantly increased Bank of America's revenues as well as profits. Additionally, through these joint ventures, Bank of America has avoided the risks associated with creating its own stock and instead placed its investment in a more stable entity. As is evident by Bank of America's continuing success, the United States is now an extremely important global economy, which accounts for almost one half of the world's gross domestic product. Bank of America's incredible track record and sound strategy to allow it to spread its influence throughout the entire world, making it one of the most widely-followed financial institutions on the internet.
Pros
- Lovely society
Cons
- Harrowing closing costs blueprint
