The Big Banks Still Not Helping

Here we are one year after the big banks succeeded in their efforts to reduce the number of mortgage brokers and add to the challenges many consumers have when it comes to getting a mortgage.


Think it has made a difference for consumers? Then get this. Wells Fargo has MORE deposit revenue in recent months. How does it respond? By issuing FEWER mortgage loans:

https://confoundedinterest.wordpress.com/2014/12/18/wells-fargo-leads-banks-in-deposits-but-still-lending-less-on-residential-mortgages-swiss-national-bank-introducing-negative-deposit-rates-of-0-25/


During the same time period, the real estate market in California, one of the most monitored states in the country, has taken still another dip:

https://confoundedinterest.wordpress.com/2014/12/17/death-valley-days-mortgage-purchase-applications-continue-to-decline-despite-looser-lending-standards/


Along these same lines, another major monitored state, Florida, maintains a high level of cash buyers:

http://nationalmortgageprofessional.com/news/51847/cash-share-home-sales-falls-year-over-year-21st-consecutive-month


At the same time, Florida has one more of its politicians in "action":

http://www.miamiherald.com/news/local/crime/article4523011.html


While all of this is going on, there are still millions of home owners whose homes are considered to have LOST value, even though many have been well maintained and/or bolstered by home improvement projects.

Although I can't speak for other home owners (as much as I would like to!), I would suggest that home owners give a lot of thought to where they deposit their money these days.