Bank of America sets sights on new victims: small businesses. [View all]
Remember that BOA was in the thick of the mortgage fraud biz, when it turned home loans into bonds, sold them off, and later got caught when those bonds were found to be mostly worthless?
Now, this:
Bank of America (BAC) will hire more than 200 small-business bankers this year, expanding that lending team by at least 20% for a third year in a row.
During 2013, it extended $10.9 billion in credit to small businesses, up 26% from 2012, and said it plans to continue expanding its small-business unit, the lender said in a statement.
BofA and other banks are switching from mortgage loans toward business loans as the housing recovery matures.
On Monday, the Federal Reserve released a survey of loan officers finding that U.S. banks loosened credit standards late last year, making it easier for small businesses to get loans.
http://news.investors.com/business/020414-688770-bank-of-america-hires-200-more-small-business-bankers.htm
we've seen this movie before.
It was loose credit standards that allowed banks to make dodgy loans which led to mass defautls when the housing bubble popped.
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