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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

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Sunday, 23 November, 2008 2:50 AM

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

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Kenneth Lewis reflected on the history of mortgage lending in America and how the current crisis came to be.


PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

He then suggested policy changes for government guaranteed lending.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Lewis said: "Lower income bars should continue to be served by FHA lending, and such government guaranteed lending can be expanded to cover a greater share of the market."

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

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.

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Lewis added: "Customers have responsibilities when they sign mortgage documents, but those responsibilities must be based on knowledge and understanding."

 

PHOTO BY JASON RZUCIDLO / ©AMERICAJR.com

Lewis stated: "Securitization in the second-year markets will come back, and will remain important tools for risk management and efficiency."

 

::: PAGE TWO :::

 

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