Bank of America Makes Promises to the FED

Lets watch this and really see if the FED buys what Bank of America is selling. Read on from earlier this week in the LA Times.

Bank of America will tell the Federal Reserve today that if it is allowed to buy Countrywide Financial Corp., it will help more than 265,000 borrowers to keep their homes.

BofA also will promise to double its community development lending, which focuses on affordable housing, particularly in low-income and minority neighborhoods and on properties for small business. Under the plan, the bank will lend $1.5 trillion over 10 years.

Liam E. McGee, president of Global Consumer and Small Business Banking, also will tell the Fed that the bank will donate $2 billion to charity over the next 10 years, a 33 percent increase from its current contribution level.

Approval would give Bank of America 25 percent of the U.S. mortgage market. Regulatory approval of the deal is expected, and the bank hopes to win speedy approval and complete the acquisition in July.

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