Bank of America Home Loans

short-term loan. They either had to turn to friends and family, sell off personal assets or fight with their bank to get a quick personal loan. However, this latest economic crisis changed all that and even further reduced the options that these individuals had when seeking needed money. Friends and family no longer have the resources to help. Personal asset values have declined and thus provide no value. And, banks just are not making loans to anyone - let alone unsecured personal loans -…

second to the Great Depression which was caused by the stock market collapse. Both of these recessions were felt around the world. The unemployment rate in December of 2007, prior to this catastrophe, was 5%. After this crash the unemployment rate in America doubled by August 2009. American households lost nearly 16 trillion dollars since the 2008 recession started. This debacle flipped America's outlook on our market's, optimism turned into skepticism. The Housing Crisis of the 21st Century…

affected and commenced it- is vital to preventing any future economic depressions. Body: The result of the Stock Market Crash of 1929 caused bank closures nationwide. These bank failures threatened the economy when people began losing their savings. Many banks invested in large portions of their clients' savings in the stock market. Due to this, these banks were required to close…

All men are equal, but their circumstances are not. America bears an ugly history of racial segregation in cities, mostly due to the practice of redlining. Lending companies and banks withhold mortgages and other loans from people who live in neighborhoods of certain ethnic makeups. In a perfect world, arbitrary factors such as race would not affect someone’s ability to buy a home. Unfortunately, we do not live in a perfect world. Even in our supposedly “progressive” nation, prejudice against…

Bank failures and Mergers As they say, “The Bigger you are, the Harder you Fall” and you will damage your surroundings on the way down. Banks are getting bigger and bigger. With all the mergers and bank failures, the ones still standing is getting bigger and the competition is getting smaller. This is transforming into or already is a monopolistic competition. If one of them were to be a failure, it would create havoc in the economic system. This is exactly like what happen to the Lehman…

In 2007, towards the end of President George Bush’s presidency, America faced its worst economic crisis since the Great Depression. Called the Great Recession, (December 2007 - June 2009), the crisis caused a decline in economic activity, soaring unemployment rates, and the failure of key businesses. When President Bush left office in 2008, the country was still reeling from the crisis and recovery attempts were just being implemented. Unsurprisingly, a key part of then presidential candidate…

Depression. Many experts believed that the Stock Market Crash of October 1929 was one of the major reasons why The Great Depression began, but there are many more causes that lead to The Great Depression. Some of these causes include consumer borrowing, bank failures, and cuts in production. These causes had destructive effects that brought the United States economy to a detrimental condition. One major cause of The Great Depression is the Stock Market Crash of 1929. The United States was…

has a different idea about the American dream. For many, the American Dream is Homeownership, and this is possible through the government home loan assistance program and high paying jobs. The American dream of homeownership…

the opportunity, most were not so fortunate. Upon realizing the devastating financial downturn everyone was facing, the Federal Reserve Bank implemented a solution. A solution that years later would only prove to be a disaster for the American people. The strategy introduced by the Fed, they hoped, would reverse the economic state of America. Citizens and banks alike had to learn to be trusted by each other once again. This led to the decision to lower the federal funds rate. Investopedia.com…

elected the first African-American president, some would say that we live in a society where race is no longer the leather restraint that it once was. A society where racism no longer exist, this period is considered the start of a new post-racial America. As great as this seems to feel as though we live in such a utopian society, we still have some minor details to work out. In order to actually achieve this post-racial society we need to recognize a thing. This thing is a sleeping giant it…