Bank of America (NYSE:BAC) CEO Brian Moynihan was on Bloomberg to discuss his views on the U.S. housing market and what visibility he is getting from his business. He also discusses the U.S. economy and deficit.
-- Everything he sees points to that the worst for the U.S. housing is over.
-- The amount of delinquent loans is down, as are backlogs of homes going through the process of foreclosure.
-- All the loan modification programs put in place are going great and helping the overall housing market.
-- He is working on increasing Bank of America's share in mortgage lending.
-- On U.S. debt - we should be concerned and should plan to cut our deficits.
-- On the Fiscal Cliff - he thinks people in Washington are reasonable and will be able to reach consensus and avoid the fiscal cliff. He thinks the benefits of that far outweigh the risks of going over the cliff.
Credit: Bloomberg, www.bloomberg.com
Here is the video:
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