>Bank of America is Lending Our Bailout Money
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Bank of America continues to
lend and invest
There are 10 key areas of lending and investing that are vital to the recovery of the economy. We will track and report on all of them. America deserves no less from us.
In the fourth quarter of 2008, Bank of America extended more than $115 billion in new credit to consumers, large and small businesses, governments and other entities. The company also recognizes the economic importance of extending credit to communities who traditionally have experienced difficulty gaining access to financial services. Beginning this year, Bank of America is undertaking a 10-year, $1.5 trillion community development lending and investing goal focused on delivering capital to low-to-moderate income and minority communities across the United States.
The Bank of America Lending & Investing Initiative to support our nation’s economy includes:
Consumer lending | Loss mitigation | Real Estate Owned Properties | Small business lending | Commercial lending | Green investing | Community Development Financial Institutions | Socially Responsible Private Equity | Nonprofit and Anchor Institution support | Mortgage-backed securities
Consumer lending:
Bank of America serves one out of every two households in the United States and is uniquely positioned to work with consumers to address their borrowing needs. By way of example, Bank of America lent $45 billion through its mortgage unit ($11.3 billion of that to low- and moderate-income borrowers), helping more than 200,000 Americans purchase a home or save money on the home they already own in the fourth quarter alone.
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Loss mitigation:
We’re offering loan modification programs to help up to 630,000 customers avoid foreclosure and stay in their homes, representing more than $100 billion in mortgage financing. In 2008, the company modified approximately 230,000 home loans — representing more than $44 billion in mortgage financing — to avoid foreclosures. Bank of America also modified nearly 700,000 credit card loans for borrowers experiencing financial hardship last year
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