AMERICAJR NETWORK :: COACH'S CORNER PRO SHOP :: SAND CREEK RECORDS :: LIFE MADE EASY

:: DETROIT, MICHIGAN USA << >> LIVE STOCK TICKER :: MESSAGE BOARDS ::
 
 
 
 
 
 
 
 

COPYRIGHT

© 2008 AmericaJR.com.
All Rights Reserved.

Unauthorized duplication or use of Text, Photos, Videos, Site Template, Graphics and or Site Design is Prohibited by Federal and International laws. See our Notice/Disclaimer and Privacy Policy.
 

AMERICAJR EMAIL

Email Login
Password
New users
sign up!

Detroit's Only FREE E-mail Provider

 

FEATURED

Bank of America Chairman, President & CEO Kenneth Lewis addresses the Detroit Economic Club MPEG Video

Kenneth Lewis Speech: Part Two MPEG Video

Kenneth Lewis Speech: Part Three MPEG Video

Kenneth Lewis: Press Conference at the DEC MPEG Video

<< News >>

Local News

Sunday, 23 November, 2008 2:37 AM

Bank of America CEO Discusses American Homeownership at the Detroit Economic Club

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Bank of America CEO Kenneth Lewis addresses the Detroit Economic Club on November 18, 2008.

by Garrett Godwin
ggodwin82@yahoo.com

 

Kenneth Lewis Speech: Part Two MPEG Video

Kenneth Lewis Speech: Part Three MPEG Video

Kenneth Lewis: Press Conference at the DEC MPEG Video

DETROIT -- As the CEO for Bank of America Kenneth Lewis believes that telling the truth is a good way to start. "To be a leader," he said, "is to be optimistic; you must have a bond of trust with your associates". Lewis was the speaker last Tuesday at the DEC meeting inside Cobo Hall in downtown Detroit on the issue of "Homeownership in America".

The job at Bank of America, he stated, is turning opportunities into realities. "We also know there are opportunities. There is a distinctly American trait and that trait is in Michigan. Obviously, this is a tough time. The economy is under pressure. It's pretty clear we are in a recession."

When asked by one of the students on managing Bank of America through the recession, Lewis's response included two key factors: to be still standing and maintinaing a strong balance sheet. Lewis stated at the meeting that the foreclosure problems need to be dealt with aggressively as well as under control, as this crisis is putting a strain on families.

"As a nation, we make mistakes. Some of us has performed better than others. It is everybody's best interest to quickly stabilize the market as soon as possible. I think the economy is going worse before it gets better. We're in the worst period this quarter."

Confidence, Lewis commented, will be restored not through nostalgia of the past. Things are worse but they will get better.

"In place of Fannie and Freddie, while I don't have a specific model or structure in mind, I think we should move in the direction of a system that relies more on private sector institutions without government guarantees to intermediate between originators of mortgages and investors in the secondary market with some limited role for the government to ensure liquidity. The idea is we would create a new mortgage finance system that combines the best aspects of public and private organizations to provide mortgage availability for all qualified borrowers."

 

Lewis offered the following suggestions for banks and other financial services companies:

  1. "First, we must establish strong and clear requirements for transparency in terms of pricing and the long- and short-term affects of mortgage products."
  2. "Second, lenders should retain a portion of originated loans on their own balance sheets, and to the rate possible, retain service responsibilities as well."
  3. "Third, every banker should hang a sign in his or her office as a reminder that housing markets fluctuate."

 


PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

About 750 people attended this meeting of the DEC at Cobo Center.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Detroit Economic Club President & CEO Beth Chappell welcomes everyone to the meeting.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Roger Penske was the presiding officer of the meeting.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Penske is also the Chairman of the Penske Corporation.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Lewis shakes hands with Penske before the start of his speech.

 

PREVIOUS PAGE
::: PAGE ONE :::

 

Bookmark  

 

 

 

BACK TO THE AMERICAJR ONLINE HOMEPAGE

Copyright © 2008 AmericaJR.com. All Rights Reserved.
Unauthorized duplication or use of Text, Site Template, Graphics and or Site Design is Prohibited by Federal and International laws. See our Notice/Disclaimer and Privacy Policy.

AMERICAJR NETWORK :: COACH'S CORNER PRO SHOP :: SAND CREEK RECORDS :: LIFE MADE EASY