In its latest Lending and Investing Initiative Report, Bank of America reports that it has extended nearly $70 billion in first mortgages in the first quarter, translating to approximately 323,000 home purchases and refinances.
Of this total, nearly $17 billion in mortgages were made to 115,000 low- and moderate-income customers or for the purchase of homes in low- and moderate-income neighborhoods.
‘Now, more than ever, I am confident that our economic recovery is fully under way,’ says Brian T. Moynihan, president and CEO of Bank of America. ‘Bank of America contributed to this recovery in the first quarter by extending almost $150 billion in credit across both the consumer and commercial sectors, driving economic activity in the U.S. significantly. We are also vigorously modifying home loans and credit card balances for consumer and business customers, in addition to eliminating debit card overdraft fees – steps that are necessary to help customers overcome financial challenges and succeed in this economy.’
The bank adds that it completed more than 77,000 permanent home loan modifications in the first quarter and has helped more than 560,000 customers with permanent mortgage modifications since 2008.
SOURCE: Bank of America