Bank of America will renegotiate home loans

In a brilliant pice of public relations and economic crisis strategy, Bank of America will be renegotiating some 400,000 mortgages to keep their customers from losing their homes. (Read the article here.) This is fantastic news. While the $700 Billion bail-out of Wall Street companies has been making a good deal of press, this kind of one-on-one between bank and home owner is what our economy really needs. It's good for the home owner, as they will be able to keep their home. It's good for the bank, as they will continue to have someone paying them, rather than just collecting another house they cannot move. Since the bank continues to have an income, it can remain solvent, which is in turn good for the rest of the economy. It's good for Bank of America a second time, though, just for the public relations value - if they play it right. Now Bank of America can be seen as heros to their customers rather than the bank that got sued. Settling out of court can be good for both sides.

About the Author: Eric Reid

I am the Social Media Services Manager for Off Madison Ave. I've been with the company since 2006, when I was hired to do SEO, and link building in particular. When social networking sites started cropping up, at first I started using them to create backlinks - but they weren't the best for that, given all of the "nofollow" attributes. However, I did see the potential for all of the direct referral traffic they represent. Since then I've been actively pursuing both tactics for clients: Links that can help them for search, and social postings that get them involved in the conversation. It's about the coolest job you could ever get. ;)

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