Bank of America Corp (BAC) Just Can’t Seem to Grasp the Mortgage Business

For Bank of America Corp (NYSE:BAC), however, no such excuses can be made. The bank has been in the mortgage business long enough to know better, and its acquisition of Countrywide should have given it ample opportunity to get up to speed — particularly when it comes to dealing with troubled accounts and distressed borrowers. And, yet, it still can’t seem to get the hang of the mortgage business, particularly the customer relations side.

Bank of America Corp (NYSE:BAC) seems to go out of its way to cause itself problems, as evidenced most recently by the allegations of lying and deceit in regards to loan modifications. The mortgage business may be slow right now, but it is a great moneymaker for banks, and it will pick up again as the housing recovery gains strength. B of A needs to smarten up and fix its internal problems, or it will find itself out in the cold when the new mortgage wave hits.

The article Bank of America Just Can’t Seem to Grasp the Mortgage Business originally appeared on Fool.com.

Fool contributor Amanda Alix has no position in any stocks mentioned. The Motley Fool recommends Bank of America and Wells Fargo. The Motley Fool owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo.

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