"Home ownership is a pathway to financial security and economic prosperity, and we're committed to helping our people reach it, said Robin Vince, the CEO of BNY."
"The administration is rightly focused on affordability, on reducing borrowing costs, lowering mortgage costs, lowering the cost of everyday living for Americans and driving wage growth."
"To arrive at the $6,500 figure, BNY pointed to data from the National Association of Realtors that said the median down payment for first-time buyers is about 9%."
BNY is providing $6,500 to US employees earning $100,000 or less to assist with purchasing their first home. This initiative includes home buyer education and mortgage benefits, aiming to help workers build wealth as housing affordability declines. CEO Robin Vince emphasized the importance of home ownership for financial security. BNY also launched a financial literacy initiative with a $10 million pledge to nonprofits. The $6,500 amount is based on data indicating the median down payment for first-time buyers is about 9%, aiming to help employees enter the housing market.
Read at www.businessinsider.com
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