Bank of America will repay $45 billion in TARP loans to Taxpayers

America’s largest bank, Bank of America has released a detailed plan of how it plans on repaying the $45 billion which it has received in TARP loans from the United States Government by using $26.2 billion in excess liquidity and $18.8 billion in profits from the sale of common equivalent securities.

Since the government’s intervention in the financial markets and its investment in America’s largest bank, Bank of America has initiated $760 billion, helping 1.54 million customers purchase homes or existing customers refinance, and aiding over 400,000 restructure their mortgages said Kenneth D. Lewis, chief executive officer and president. So far, Bank of America has issued over $12 billion in loans to small business this year and has aided 49,000 credit card clients of small businesses restructure their payment plans.

While the current market remains uncertain, and lenders continue to tighten credit lines, there may be some hope that banks will regain their trust in small businesses as government backed aid programs help bolster bank’s investments.

To read the full article visit Bank of America’s press release site by clicking here!

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