REALTOR® Magazine Online Edition - July 11, 2008
The CEO of Bank of America Kenneth D. Lewis called on the
lending industry to avoid foreclosure and “help borrowers manage through the current crisis.”
lending industry to avoid foreclosure and “help borrowers manage through the current crisis.”He told 175 California business and lending professionals at a conference this week that now is the time
for the lending industry to "return to a more disciplined view of risk standards that will protect everyone from a repetition of what we are going through today."
for the lending industry to "return to a more disciplined view of risk standards that will protect everyone from a repetition of what we are going through today."Bank of America sidestepped the mortgage market meltdown by avoiding subprime loans, but it recently acquired Countrywide Financial Corp., the nation’s largest mortgage lender and a company that was whip-lashed by its subprime lending practices.
So far this year, Lewis says Countrywide has worked to help nearly 100,000 customers remain in their homes. "If borrowers can afford to pay market rates and want to stay in their homes, we can and do work with them to make that happen, even when it means modifying the terms of a loan they can no longer afford,” he says.
Source: The San Diego Union-Tribune (07/08/08)
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