Bank of America Announces Housing Partnership With City of Detroit

Customer Assistance Centers for Mortgage Servicing

Will Donate Affordable Propertiesfor Law Enforcement Personnel

Programs Build on Mayor’s Previously Announced Initiatives

DETROIT--(BUSINESS WIRE)-- 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.

www.bankofamerica.com

Reporters May Contact:Dan Frahm, Jumana Bauwens, Rick Simon, Bank of America, 1.800.796.8448
[email protected]

Source: Bank of America