UPDATE 1-Bank of America CEO says housing market stable

* Moynihan: jobless bigger factor than foreclosure probe

* Sees no impact on spring 2011 home sales season

BOSTON, Oct 14 ( Reuters) – Bank of America Corp (BAC.N: )
Chief Executive Brian Moynihan said he is “not so concerned”
that an ongoing review of foreclosure documents will delay a
rebound in the U.S. housing market.

“The housing market is stable,” said Moynihan, speaking to
reporters in Boston on Thursday.

He said factors like unemployment levels would have a much
greater impact on home prices than the reviews now under way.
Asked if he expected the reviews would affect the spring
home-selling season in 2011, Moynihan replied, “Not that I

All 50 U.S. states have started a joint investigation of
the mortgage industry, focusing on allegations that some banks
did not review documents properly or submitted false statements
to evict delinquent borrowers.

Moynihan was more optimistic than JPMorgan Chase & Co
(JPM.N: ) Chief Executive Jamie Dimon, who said in Chicago on
Thursday that the foreclosure review could be a drag on the
housing recovery. [ID:nWALELE6OU]

Analysts have worried the delays could raise uncertainty
and discourage homebuyers, which could put further downward
pressure on the battered housing sector.

Moynihan declined to give many specifics about the
financial impact of the foreclosure moratoriums put in place by
his bank and others while they review the validity of
foreclosure documents.

Under pressure from regulators, Bank of America has halted
foreclosure sales in all 50 states, the only bank to do so

Moynihan said it could take “a few weeks” for the bank to
finish its reviews, reiterating past comments. But he said it
does not yet have a timeline for when it might end the
moratorium on foreclosures.

Moynihan spoke at a luncheon sponsored by Boston College’s
Chief Executives’ Club of Boston.

Shares of Bank of America were down 5.3 percent in Thursday
afternoon trading as investors became wary of the potential
impact of the foreclosure furor.
(Reporting by Ross Kerber; Editing by Tim Dobbyn)

UPDATE 1-Bank of America CEO says housing market stable