Bank of America has announced that it will fire as many as 8,000 employees within its consumer division. The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for “back office staff” and bank tellers.
Back of America bought Countrywide Field Services and found it to be a terrible investment … they lost billions of dollars. They later sold their mortgage servicing operations to Safeguard Properties. The mortgage segment then collapsed … good for Bank of America … bad for Safeguard Properties. All of the Mortgage Order Mills (MOMs) are struggling. The mortgage segment is dead. The mortgage segment is the home of $3 mortgage inspections and 99.5% of the fraud in the industry. Don’t waste your time with $3 mortgage inspections and wear out your car. The average loan for a new cars is now over $30,000.
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