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BofA Opens Debate On Lowering Mortgage Down Payments
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19 May 2017 02:12 AM EST

The head of Bank of America, the United State's fourth-biggest mortgage lender, said on Thursday banks would be able to supply a bigger share of funding for home purchases if the standard down payment for buyers was cut to 10 percent from 20 percent. The vast majority of mortgages are underwritten to strict standards set by the U.S. government or quasi-government entities Fannie Mae and Freddie Mac. Chief Executive Officer Brian Moynihan told CNBC in an interview Thursday that "It wouldn't introduce that much risk but would actually help a lot of mortgages get done."

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