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Bank Of America Chief Rejects Idea Of Reducing Home Loans

Bank Of America Chief Rejects Idea Of Reducing Home Loans


Wow. Talk about brass balls. Lets see you maneuver through this one.

By NELSON D. SCHWARTZ Published: March 8, 2011

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Showing resistance for the first time against government pressure to write off tens of billions worth of mortgage debt, Bank of America executives said on Tuesday that the idea was unworkable and warned that it would be unfair to borrowers who had managed to stay current on their loans.

“There’s a core problem that if you start to help certain people and don’t help other people, it’s going to be very hard to explain the difference,” said Brian T. Moynihan, the chief executive of Bank of America. “Our duty is to have a fair modification process.”

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