Bank of America CEO Says 'Lock-In Effect' Isn't the Real Housing Crisis —Half of Households Don't Even Have a Mortgage, So What's Really Stalling Sales?

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Mortgage rates may still be hogging the blame for America's housing slump, but Bank of America CEO Brian Moynihan isn't buying it—not entirely, anyway. While the spotlight's been stuck on homeowners clinging to their 3% rates like vintage baseball cards, Moynihan says the real drag on the market isn't who won't sell. It's who can't afford to buy. "There's 130 odd million households in America," he said du ...