Bank of America, Charlotte, N.C., has announced that it aims to become the "nation's No. 1 community development lender" while pursuing a goal of lending and investing $750 billion for economic development over the next 10 years, primarily in low- and moderate-income communities.BoA said the nationwide initiative focuses on four key areas, including affordable housing, small business/small farm loans, consumer loans, and economic development, and "will entail a corporate-wide, cross-functional effort to drive more than $205 million in community development activity every day." The goal is to invest $500 billion in affordable housing, $125 billion in small business and small farm loans, $75 billion in consumer loans, and $50 billion in economic development.
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Mortgage payments rose 10% year-over-year to an all-time high for March, Redfin said.
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In an interview, Candor Technology's Sara Knochel recounts how she applies her childhood interest in languages and numbers to crucial home lending issues.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
March 27 -
The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 -
The lender accused its former leader of compromising its Fannie Mae seller/servicer number to prevent it from delivering loans.
March 27 -
Equity is entitled to a little over $70,000 worth of damages.
March 27