Anthony Bianco on Ken Lewis:
As lending volume exploded, the issue of whether B of A should jump back into the subprime game sparked fierce internal debate. Customers by the millions were going elsewhere for mortgages and taking their banking relationships with them.
Do people really change their bank when they take out a mortgage? It seems to me that changing banks is a complicated, high-stress proposition which is pretty much the last thing you’d want to do in the middle of the process of buying a house. But I’d love to see the numbers on this.