Exciting news! BofA is looking to make it easier for people in California to get a mortgage without the help of Fannie Mae or Freddie Mac!

Bank of America (BAC: 6.205 +2.56%) Chief Executive Officer Brian Moynihan says the distressed housing market is seeing improvements in pockets around the nation, especially where there is an influx of investor cash mixed with a quickened ability to repossess properties.

These markets are strengthening to the extent his bank would be willing to lend mortgages without the help of Fannie Mae and Freddie Mac

The CEO of one of the world’s largest banks said housing issues cannot be separated from the overall economy. The rosy outlook, Moynihan reminds, is not shared by all markets. He sees national housing activity bouncing along the bottom after experiencing a drop in mortgage originations following the expiration of the 2010 homebuyer tax credit.

“The process has been slower and slower in some places, but in places like Arizona and California, we are seeing it move through.”



About SanDiegoatHomeTeam
Christian van't Vlie and Ivana Milosevic. Helping sellers and buyers successfully reach their real estate goals while keeping them informed every step of the way, disclosing all known facts and real estate practice procedures so that all involved parties can make well-informed decision. We care and we are at your service.

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