Bank of America Small Business Lending Stated To Rise; What of Home Loan Mortgage Modifications?

Bank of America has stated that they will begin lending again to aid small businesses as per the request from President Obama for lenders to open up cash flow for small businesses with the hopes of helping the economy. However, with this promise to promote more lending to small businesses, there has been little mentioned on the Bank of America home loan mortgage modification program.

Many are complaining that Bank of America is failing at the home loan mortgage modification program and the numbers from Making Home Affordable Program released data showing that out of over one million potential homeowners who qualify for a home loan mortgage modification there have been incredibly low numbers in terms of loan modifications in process or made permanent.

If Bank of America’s promise of lending to small businesses is anything close to the troubles that seem to be at the forefront of their home loan modification program then there may need to be more done from the government to push lenders like Bank of America to assist in economic recovery in making more small business loans and home loan mortgage modifications.

Small business loans are helpful not only for business owners but it creates jobs as well, but also with Bank of America committing $5 billion for small business loans, one wonders where they stand on their home loan mortgage modification program.

Giving loans to small business owners can go a long way to help the economy but assisting homeowners keep their home through home loan mortgage modifications is going to give more stability to American’s which is vital to economic recovery as well.