Why Can't We Trust The Big Banks?

Not only did the government bailout some larger banks by simply handing over millions of dollars and then not even making the banks accountable for it (since a percentage of it went for executive bonuses), but now more and more keeps coming out about the mess these banks have caused. And continue to cause:

http://www.reuters.com/article/2012/01/26/us-usa-housing-mortgage-reincarnation-idUSTRE80P0SJ20120126

However, those in the real estate community can't afford to sit back and wait and wait and wait to see if these banks, such as Bank of America, ever decide to get their act together.

Agents, mortgage brokers, and others who have regular contact with clients, should be alerting their current and potential clients about what can be done to keep on top of a home owner and potential home buyer's current mortgage situation.

If it were me, I would want my clients to know that I would help them to be certain that nothing like what is happening to the people profiled in the above linked article could happen to them. Then, I would make potential clients aware that I would be on the lookout for them.

Consumers need to start seeing that those within the industry are making an effort to improve current conditions regarding financing. Yet, a percentage of realty agents seem to forget about keeping in touch with past clients on matters such as this.

Paint the picture, if you are a realty agent. Suppose you do some digging, and find out a home owner is in trouble over an expired mortgage (such as happened in the article), and you alert your client and help him/her/them straighten the mess out. Can you imagine the referrals you would gain from that? Rather than imagine, start checking around.

Everyone needs to evaluate what bank or banks they do business with, mortgage or not. If the likes of Bank of America and Wells Fargo are struggling with 6 figure transactions, how much attention are they paying to your $5,000 checking account?

Bank of America Plaza Goes To Foreclosure

It certainly seems as though the reporters are overlooking the irony of this story. It seems that Atlanta's "Bank of America Plaza" is up for foreclosure, and it is the tallest building in the city.

This would be newsworthy even it not named after a large bank. However, the fact that it IS named after this Bank is what makes this story so interesting:

http://www.ajc.com/business/bank-of-america-plaza-1299819.html

There are several questions not being answered in this as well as other articles I have read about this, sense of humor aside. If B of A has naming rights and is a prime tenant there, how and why is this building in this position?

Shouldn't this be B of A's responsibility to bail it out? After all, the government chose to give B of A a lot of money when it tried to bail out the banks (instead of repaying certain loans, but that's another story) a couple years ago. So how do we justify B of A not taking the lead on this one?

There are numerous tenants in that building without financial difficulties that will likely be forced to relocate at their own expense because of still another bank having financial difficulty.

Here's hoping that an investment group with deep pockets gets this building at a bargain price, and becomes B of A's landlord. Time for a significant rent increase!