Bank of America CEO: Private Investment Returning To Mortgage Market Is A Certainty

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Posted To: MND NewsWire

Brian Moynihan, Bank of America's chief executive officer, said that everyone involved in the housing market needs to reset their expectation that everyone can own a home. In remarks prepared for delivery at the Brookings Institution in Washington, Moynihan said that the government, borrowers and lenders need to look hard at some of the old assumptions and ask if homeownership the right solution for everyone?" There must be a different role for government; the GSEs and the FHA need to return to their original mission of helping low- and moderate-income borrowers. In an interview before his Brookings appearance, Moynihan spoke with CNBC reporter Diana Olick who asking him if concern over the fiscal cliff is influencing the bank and its the mortgage business . Moynihan said it was impacting businesses...(read more)

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Source: www.mortgagenewsdaily.com

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