The Department of the Treasury and the Internal Revenue Service released new guidance that is “designed to expand the use of income annuities in 401(k) plans.”
Customer Assistance Centers for Mortgage Servicing
Will Donate Affordable Propertiesfor Law Enforcement Personnel
Programs Build on Mayor’s Previously Announced Initiatives
Detroit Mayor Dave Bing and Bank of America Chief Executive Officer
Brian Moynihan today announced that the bank will open two customer
assistance centers in the Detroit area to serve mortgage and other
credit customers who are facing financial difficulty. This follows a
three-day mortgage loan modification expo at Cobo Hall that attracted
1,400 customers for face-to-face mortgage counseling earlier this month.
The bank also announced a unique partnership to support the “Project 14”
initiative for affordable homeownership by law enforcement officers
within the city. Bank of America will donate and refurbish 10 vacant
homes for that program.
Also working close with the city’s objectives for neighborhood
redevelopment, Bank of America and the city will identify up to 100
low-value and vacant properties for demolition. The bank will donate the
land to the city for green space, urban farming or redevelopment.
“We are committed to keeping people in their homes wherever that is
possible,” said Chief Executive Officer Brian T. Moynihan. “Our unique
partnership with Detroit will also allow us to support a key priority
for the mayor: affordable housing within the city for law enforcement
personnel, and the disposition of abandoned property to help
‘right-size’ the city.”
"The City of Detroit appreciates Bank of America’s support for Project
14 and the Detroit Works Project,” said Mayor Bing. "We continue to look
for innovative ways to partner with the business community to strengthen
our neighborhoods and make our city safer. I hope this is the beginning
of a successful partnership with Bank of America."
Locations for the customer assistance centers will be identified within
90 days. These centers will provide homeowners at risk of default or
foreclosure with face-to-face counseling and on-site decision making for
mortgage modification programs or other payment assistance.
Bank of America will continue to work with the city to develop
additional programs that further address abandoned properties.
Bank of America
Bank of America is one of the world's largest financial institutions,
serving individual consumers, small- and middle-market businesses and
large corporations with a full range of banking, investing, asset
management and other financial and risk management products and
services. The company provides unmatched convenience in the United
States, serving approximately 57 million consumer and small business
relationships with more than 5,800 retail banking offices and
approximately 18,000 ATMs and award-winning online banking with 29
million active users. Bank of America is among the world's leading
wealth management companies and is a global leader in corporate and
investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around
the world. Bank of America offers industry-leading support to
approximately 4 million small business owners through a suite of
innovative, easy-to-use online products and services. The company serves
clients through operations in more than 40 countries. Bank of America
Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial
Average and is listed on the New York Stock Exchange.
Reporters May Contact:Dan Frahm, Jumana Bauwens, Rick Simon, Bank
of America, firstname.lastname@example.org
Source: Bank of America