BofA Extends $184B Credit In Third Quarter

CHARLOTTE, N.C. (AP) — Bank of America Corp. said Monday that it extended nearly $184 billion in credit during the third quarter, as households and communities remain under financial strain.

In its latest lending and investing initiative report, home loans continue to be among the bank's priorities, with Bank of America extending $96 billion in first mortgages during the third quarter. The loans helped nearly 450,000 people purchase a home or refinance an existing mortgage, the bank said.

Among its loans in the quarter, the bank provided $7 billion in credit to municipalities and nonprofits that are struggling to keep pace with local needs and serve communities across the country.

In the business sector, Bank of America also extended $78 billion in small business and commercial loans in the third quarter.

"In all our work, from loan modifications to new lending and investing, a key theme is quality, not just quantity," outgoing CEO Ken Lewis said in the report. "The number of customers we serve is important, but making sure that modifications are sustainable, and that new loans satisfy sound underwriting requirements, are equally important."