NEW YORK (TheStreet) -- Shares of Bank of America Corp. (BAC) are down 0.81% to $17.18 after CEO Brian Moynihan said the bank will avoid easing mortgage standards even as regulators seek to expand lending, according to Bloomberg.
"You won't see us start to expand our criteria much past what we've done today," Moynihan said at a New York investor conference sponsored by Bank of America, Bloomberg reports.
"I don't think there's a big incentive for us to start to try to create more mortgage availability where the customers are susceptible to default," Moynihan said, adding that a customer without the means to make a down payment of at least 10% should consider renting rather than trying to buy a home.
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Separately, TheStreet Ratings team rates BANK OF AMERICA CORP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate BANK OF AMERICA CORP (BAC) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."