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BofA CEO: Housing Market ‘Fairly Stable’
Shayndi Raice / WSJ.com / November 6, 2013
Bank of America Chief Executive Brian Moynihan said the U.S. housing market is “fairly stable” at a Wall Street Journal event in New York Wednesday.
Big banks have seen their mortgage banking income decline in recent quarters as refinancing activity fizzles. But Mr. Moynihan said that a decrease in refinancing activity is not indicative of the strength of the overall U.S. housing market. Instead, he said that home purchases, which have grown slightly since the beginning of the year, are what spurs broader economic growth.
The head of second-largest U.S. bank by assets also said that consumer spending has been solid, even in the face of a partial government shutdown.
“Even in those weeks, you didn’t see a break in consumer spending,” Mr. Moynihan told Wall Street Journal Managing editor Gerard Baker.