After being stung by billions in penalties and judgments related to the subprime lending standards of its Countrywide Financial acquisition, Bank of America CEO Brian Moynihan bluntly stated that people without at least a 10% down-payment should consider renting instead of purchasing. This may infuriate Realtors and mortgage brokers, but once-upon-a-time, underwriters wouldn’t consider 10% loans.
And the housing market was stable. . .