The CEO of the giant mortgage lender said he no longer sees housing leading the recovery. Instead, the auto industry and energy industry are stepping up.
The CEO said the economy feels a bit stronger than some of the recent numbers have shown and pointed to the booming energy industry and auto industry. Car sales in August were almost the best since 2000, he said. The average age of the cars in America is about 11 years old, said Stumpf, indicating increasing future sales for the industry.