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BofA CEO Sees Private Label MBS Revival Ahead

Brian Moynihan projects bank will double its mortgage market share

Dec. 14, 2012

By Mortgage Daily staff


The chief executive officer of Bank of America Corp. said that he sees a return of investors to private-label mortgage-backed securities. He also expects the Charlotte, N.C.-based company to double its share of the mortgage market.

When asked about the likelihood of a return by investors to the private-label MBS market as Fannie Mae and Freddie Mac are wound down, BofA CEO Brian Moynihan left no doubt about his position.

"Well I think it's not only a possibility, it's a certainty," Moynihan stated. "The question is, what we need for that is to get the rules straight."

Moynihan made his comments Friday at the Brookings Institute in an interview with CNBC.

The bank chief said that he believes investor capital is out there.

"The investors want the product today," he said. "And the question is, 'can we get a product together to give to them?'."

photo of Brian Moynihan
photo of Brian Moynihan on CNBC

He explained that a return to a more normalized rate structure combined with increased secondary costs coming out of the Federal Housing Finance Agency will drive investors back to the non-agency MBS market.

In addition, house-price stabilization and rules that become certain over the next six to 12 months will add to the lure of private-label securities.

"The private market will come in and start to absorb it," Moynihan said. "I think long-term we have to get it back in. It is unsustainable, in the current position now, with nine-in-10 mortgages going through government support.

"We've got to get the government part out, get the private label in."

Moynihan was confronted about how BofA has been winding down components of its mortgage lending business -- including correspondent lending, warehouse lending and the sale of mortgage servicing rights -- and asked whether the bank planned to exit the mortgage business.

The CEO indicated that the company will continue growing the mortgage business for its existing bank customers. He said direct-to-consumer production has been rising each of the past three or four quarters and will continue to grow as they reach more and more of their existing base.

Moynihan said that once BofA gets past legacy issues inherited through its acquisition of Countrywide Financial Corp., the number of outstanding loans will likely grow to between 5 million and 6 million and market share will be 10 percent.

Origination data collected by Mortgage Daily indicate that BofA's share of the residential lending market was 4.5 percent in the third quarter.

watch full video of Brian Moynihan interview

Bank of America profile

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