Headline News
Headline News
The home mortgage market was in the news last week as Bank of America Corp. agreed to purchase Countrywide Financial Corp. for $4 billion dollars. Most Americans are aware that the housing and mortgage markets have been in a downwards spiral for the past few years. Moreover, a large and financially stable company like Bank of America flexing its power and now having a combined market share of about 25%, can be a good thing for potential homebuyers and sellers in the new year. In The Wall Street Journal Online, Susan M. Wachter, a finance and real estate professor at the University of Pennsylvania’s Wharton School says, “Bank of America stepping in right now is a very good thing for the market because it signals confidence in an eventual revival of the housing and mortgage markets from what appears to be the worst slump since the Great Depression.” Because of this financial stability, consumers can rest easy that their lender will not be going out of......
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