LOS ANGELES -- First Interstate Bank of California said it has established a $50 million portfolio to fund for mortgage loans to low- to moderate-income borrowers.

The program is part of the First Interstate Bancorp unit's commitment to lend and invest at least $2 billion over 10 years in the economic development of California communities.

The $50 million portfolio will be in addition to First Interstate Bank's offering of affordable mortgages in conjunction with long-term investors like Fannie Mae and Freddie Mac.

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