The Impact of the Bank of America Mortgage Crisis on the Real Estate Market
The developments that preceded the Bank of America mortgage crisis had a major impact on the real estate market in the United States. During the real estate boom, I worked as a real estate agent in a highly profitable company and saw firsthand the disastrous consequences of the crisis.
Changes in the Real Estate Agency
The real estate agency where I worked experienced a significant loss of revenue, and the company's hierarchy responded by laying off ten of the firm's thirty agents and reforming the organization. The business was one of the leading real estate firms in the county, having received numerous awards for company and project of the year. However, the crisis affected how it conducted business which was first evidenced by changes in the structure of the business. Some physical locations of the firm were closed down, and agents were afforded fewer resources for their work-related activities.
Anxiety Among Real Estate Agents
From the human resources frame, the mortgage crisis caused anxiety among real estate agents. Employees were no longer happy and motivated at the workplace due to the constant fear of losing their jobs.
Decision-Making and the Mortgage Crisis
The political frame is impossible to ignore in this context. The operations manager of the firm was behind most of the decision-making during the mortgage crisis due to the increased need for efficiency. The relative unease among the top management was apparent then due to the increased pressure for the agency to weather the storm.
The Symbolic Frame and the Brand Image
The symbolic frame, in this case, has to do with the role of agents as the face of the organization in promotional campaigns. The firm had created a brand that emphasized integrity and an excellent working environment. During the mortgage crisis, this was given more emphasis to give the firm an edge over competitors.
