By Armen Hareyan on 2009-04-21 
Bank of America CEO Ken Lews yesterday said that credit is bad and it is going to get worse.
This is what Ken Lewis, CEO of Bank of America said:
“Credit is bad and we believe credit is going to get worse before it will eventually stabilize and improve.” Lewis said during a conference call with analysts, noting that the bank continues to face challenges. “Whether that turn is later this year or in the first half of 2010, I’m not going to hazard a guess.”
The question we raise is how will this effect the mortgage rates? Will the mortgage rates fall even lower because there will be less credit available?
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