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September 19, 2008
Mortgage Meltdown With A Face
Take a look at Ken Lewis' expresion. Think he might have known this would come back to bite him? You could argue the intentions were good, but "zero down" loans that the bank (now government/taxpayer?) is ultimately responsible for when housing heads south is part of what got us into this mess. Via IBD:
In view of the mortgage meltdown that led to the current financial crisis, we couldn't resist rerunning this 2004 photo from the Associated Press that appeared in this spot April 3. It was taken after Bank of America agreed to a $6 billion affordable housing program pushed by the Neighborhood Assistance Corp. of America (NACA). The program was designed to provide mortgages to low-income homebuyers without requiring a down payment or charging closing costs and fees. The expressions on the faces of CEOs Kenneth Lewis of BofA, left, and Chad Gifford of FleetBoston as they listen to NACA's Bruce Marks say it all.
Posted by Peter Mork at September 19, 2008 10:06 AM
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