Filed under: Marketing and advertising, Bank of America (BAC), Housing
With a large portion of the blame for the housing slump being placed squarely on the shoulders of aggressive mortgage salesmen, you might think the industry would crawl under a rock and wait for the bad headlines to pass.
But their continued aggressive marketing indicates otherwise, with the mortgage industry as a whole making no reduction in its advertising budget since the heady days of the bubble. Bank of America (NYSE: BAC) is still pitching ads urging homeowners to refinance to “get the cash you need, when you need it,” according to the New York Times.
That banks are still looking to provide cash for buying homes and refinancing is a bullish indicator. The zeal with which they’re marketing these products may mean that consumers are being unduly timid about entering the housing market in the face of considerable headline shock.
Alternatively, it could just mean that the lenders still haven’t learned their lessons.
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