Nov. 9, 2009 (PR Newswire) --

CHARLOTTE, N.C., Nov. 9 /PRNewswire/ -- Today, Bank of America issued its third quarterly Lending & Investing Initiative report, which outlines the company's progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

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The report, which delivers on a commitment to provide greater transparency into the company's lending and investing efforts across the enterprise, demonstrates how Bank of America is using the government's investment in the company to support the U.S. economy.

Bank of America has extended $759 billion in new credit since the program was created in the fourth quarter of 2008. That represents almost $17 for every dollar of the $45 billion of the Troubled Asset Relief Program (TARP) investment. At the same time, Bank of America continues to provide a significant return on investment to U.S. taxpayers. Through November 16, Bank of America will have made more than $2.5 billion in dividend payments to the U.S. Treasury.

The extension of home loans continues to be one of Bank of America's highest lending and investing priorities. In the third quarter alone, the company extended $96 billion in first mortgages, helping nearly 450,000 people purchase a home or refinance an existing mortgage. In the first nine months of the year, the bank has extended $292 billion in first mortgages to more than 1.3 million customers.

Bank of America is also responding to consumers' needs for simpler, clearer products and pricing through efforts including the Home Loans Clarity Commitment and new Basic Visa Card(®). Additionally, the company created the new role of consumer policy executive - a position held by Andrew Plepler - to ensure it is directly addressing the needs and concerns of customers and communities and build on efforts within each of line of business.

"As households and communities across America continue to feel financial strain, we are working hard to revitalize the U.S. economy by making every good loan that we can to individuals, businesses of all sizes, and municipalities and nonprofits across the country," said Plepler.