I just received a letter from a Financial Advisor at Merrill Lynch Wealth Management (part of Bank of America Corporation). In it, it says that “Mortgage rates are at some of their lowest historic levels” and that “For over 25 years, we have been offering innovate refinancing solutions and one of the broadest product spectrums in the industry. We have [my emphasis added] distinct options such as interest-only payments and 100% financing, as well as great rates on traditional fixed-rate mortgages.”
Yes, please promote the kinds of teaser programs that caused the huge subprime mortgage mess which in turn pretty much destroyed your company and lost you (and the American taxpayer unfortunately) over $50 billion in 2008. Cognitive dissonance is alive and well, and living in financial America.
“Smart solutions that make the most of your total financial situation – that’s the Merrill Lynch Advantage.”
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2 Responses for "Merrill Lynch (BofA) Mortgages – Nothing has changed"
ML private client wasn't the problem. Countrywide etc were the problem. ML has and had a very low failure rate. They only lend to people that can pay them back.
ML IBK sold packages of subprime mortgages that other mortgage companies put together. Where they screwed up was keeping these pieces of garbage.
ML private client wasn't the problem. Countrywide etc were the problem. ML has and had a very low failure rate. They only lend to people that can pay them back.
ML IBK sold packages of subprime mortgages that other mortgage companies put together. Where they screwed up was keeping these pieces of garbage.
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