Bank of America (BAC) Stock Down Today After CEO Said He Won't Lower Mortgage Standards

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.

sources: The street