Down payment standards should be relaxed to just 10% to spur homebuying among millennials, Bank of America CEO Brian Moynihan said during a television interview this week.

"It takes just a little more time to accumulate 20% than it would for 3% or none, which is what the rules were for a short period of time," Moynihan told CNBC. "So our goal, going back to regulatory reform, is should you move the down payment requirement from 20% to 10? Wouldn't introduce that much risk but would actually help a lot of mortgages get done."

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