“The important thing that we’re focused on is the “open for business” message. A lot is going on that’s impacting confidence, but business is happening, and consumers need to realize that credit is still available.”
–Barbara Desoer, Bank of America’s mortgage chief, from “The Colvin Interview” in the current issue of Fortune. Desoer, who is No. 27 on Fortune‘s 2008 Most Powerful Women in business list, oversees the biggest collection of home mortgages held by any U.S. financial institution, many of which came with BofA’s acquisition of Countrywide Financial earlier this year. In her interview with Fortune senior editor at large Geoff Colvin, Desoer discusses the bank’s efforts to restore consumer confidence and its plans to keep delinquent homeowners in their homes by modifiying the loans.
Today, the government unveiled a program to hasten the process for renegotiating delinquent mortgage loans held by Fannie Mae and Freddie Mac . This, along with modification programs from big banks like BofA, Citigroup , and JPMorgan Chase , are critical steps toward easing homeowners’ woes.