Bank of America Chief Executive Officer Brian Moynihan said he is convinced that the economic recovery is fully underway, and that his bank has made a big contribution by extending nearly $150 billion in credit in the first quarter.
It is the most “extended by any bank,” a Bank of America statement said.
“Now more than ever, I am confident that our economic recovery is fully underway,” Moynihan said. “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.”
The top U.S. lender is not just boasting, but is updating the public quarterly on its credit offerings as part of a commitment of transparency.
The bank said it extended nearly $70 billion in first mortgages in the first quarter, assisting more than 323,000 people purchase a home or refinance.
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, the lender said.
It also approved more than 77,000 home loan modification plans in the first quarter. Moreover, the lender announced a new program that will allow earned principal forgiveness on certain mortgages.
Bank of America said it extended $3.4 billion in new credit to small businesses, and the bank announced a freeze on small business credit card interest rates.
See Bank of America’s Quarterly Impact Report, First Quarter 2010.
