Big Banks Facing Even Bigger Bill for Mortgage Backed Securities

 

According to Standard & Poor’s, the leading financial research and ratings company in America, the biggest banks in the country may need to cough up nearly $105 billion on top of the billions they’ve already paid stemming from the financial crisis of 2008. By now it’s fairly common knowledge that big banks such as Wells Fargo, Bank of America, JP Morgan Chase and a host of others engaged in the shady business of repackaging residential mortgages into securities and issuing hundreds of thousands of subprime mortgages.

While the number may seem large, banks have a treasure trove in which to delve into when situations such as this arise. America’s largest banks have an uncanny ability to make money so even with the new fees, they are unlikely to take a dive in Standard & Poor’s bank rating system. While it’s not prudent to place the entire blame of the financial crisis on large banks, they were certainly a major contributor and many are hesitant to place the fate of their home in the hands of an institution they do not entirely trust.

Despite the bank’s ability to roll with the punches as they say, the new fees are creating a level of uncertainty for the future and many people are turning to smaller lending companies for their home loans. The people of South Florida, who were some of the hardest hit by the subprime mortgage crisis, are working with brokers and small lending houses at an increasingly higher rate and many are finding excellent loans as a result. Working with a broker means borrowers have the ability to shop around and find a home loan with a low rate, little to no closing costs and the ability to refinance should the unexpected happen.

Ace Mortgage Loan Corporation has a reputation for excellent customer service and support and that makes them an excellent option for anyone looking for a mortgage loan in South Florida. Ace Mortgage is proud to provide services to the people of:

  • Boca Raton
  • Coconut Creek
  • Coral Springs
  • Davie
  • Delray Beach
  • Plantation
  • Pompano Beach

Get in touch with Ace Mortgage Loan today for more information about how they can help with refinancing or securing a new mortgage loan for you!

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