BofA Committed to Low- and Moderate-Income Borrowers

In the fourth quarter 2008, Bank of America, Charlotte, N.C., lent $45 billion through its mortgage unit, of which $11.3 billion went to low- and moderate- income borrowers. This was one of the findings of its first Lending & Investing Initiative, which the bank said covers its business activity in 10 sectors key to reviving the U.S. economy. BofA said in 2008 as part of its loss mitigation efforts, it modified approximately 230,000 mortgage loans representing over $44 billion in financing. Commercial real estate lending in the fourth quarter totaled nearly $7 billion. Through the end of October 2008, the bank delivered nearly $2 billion in "green" commercial real estate debt and equity transactions. For the full year, BofA invested $1 billion in affordable housing by using Low Income Housing Tax Credits. BofA and the recently acquired Merrill Lynch together made $450 million of loans and investments to Community Development Financial Institutions. In the fourth quarter of 2008, BofA had net purchases of $20 billion in mortgage-backed securities.