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The mortgage industry remains “relatively fragile,” in part because it has been bolstered by government aid, the head of Bank of America Corp.’s home-loan unit said.
“Clearly there are some green shoots and early indicators” the mortgage and housing markets are recovering, Bank of America’s Barbara Desoer said today at a Mortgage Bankers Association conference in San Diego. “However, the environment is still relatively fragile” and real improvement requires a “weaning” of the industry off U.S. support put in place to combat the financial crisis that began in 2007.
