Banks Are Still Open For Business
According to the eight CEOs from the country’s largest financial services companies that received Troubled Asset Relief Program (TARP) funding, credit remains available to qualified consumers and loans are being made. On Feb. 11, the CEOs delivered testimonies to the U.S. House of Representatives Financial Services Committee supporting how their respective organizations are contributing to eliminating foreclosures and stimulating the economy.
Wells Fargo President and CEO John Stumpf stated, “Across the country many of our customers are facing difficult times. We’re very proud that Wells Fargo has been open for business for our customers. We never stopped lending. In the last 18 months – when many of our competitors retrenched – Wells Fargo made $540 billion in new loan commitments and mortgage originations.”
In fact, in the housing market, low interest rates and declining median home prices continue to present opportunity for qualified consumers to make a purchase.
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