BofA opens debate on lowering mortgage down payments

BofA opens debate on lowering mortgage down payments

The head of Bank of America Corp., the fourth-biggest mortgage lender in the United States, says banks would be able to supply a bigger share of funding for home purchases if the standard down payment for buyers were cut to 10% from 20%. Such a move, CEO Brian Moynihan told CNBC, wouldn’t introduce much risk and would “help a lot of mortgages get done.” Charlotte-based BofA was the top U.S. mortgage lender ahead of the 2008 mortgage crisis.

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