BancorpSouth Chairman and CEO Aubrey Patterson said he believed that the economy had hit bottom and that recovery was imminent. "People are beginning to think that, maybe this is the time to buy a house; maybe this is rock bottom. ... And that's a view I share." Speaking on Friday, Mr. Patterson said that housing sales were increasing: "We're beginning to see more and more purchases. ... it's the beginning of the right countertrend." Mr. Patterson added that it was important to re-establish trust between mortgage lenders and consumers.
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