BofA Rolls Out $8.4 Billion Loan Mod Program

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More than 85% of the bank’s 1.3 million mortgage customers now at least 60 days behind on their payments got their loans through Countrywide. The $4 billion deal also saddled Bank of America. the.

Top Bank of America loan modification problems include denying qualified applicants and delaying. of America’s problems can be sourced back to their decision to purchase the troubled Countrywide Financial for $2.5 billion in 2008.. As the largest mortgage servicer in the HAMP program, Bank.

Also called a variable-rate mortgage, an adjustable-rate mortgage has an interest rate that may change periodically during the life of the loan in accordance with changes in an index such as the U.S. Prime Rate or the london interbank offered Rate (LIBOR). Bank of America ARMs use LIBOR as the basis for ARM interest rate adjustments.

Bank of America Merrill Lynch Community Development Banking announced providing more than $3.2 billion in loans, tax credit equity investments, and other real estate development solutions to more than 550 clients in 2014. The financing will help provide more than 13,000 housing units for families, seniors, veterans, and others across the country.

Erik and Renee Sundquist have won their eight year long battle with Bank of America illegally foreclosing on their home, reaching a $6M settlement. oppenheim law shares more here.

Under the settlement, which is the largest predatory lending settlement in history, the mandatory loan modification program will provide immediate relief to homeowners who were put into the riskiest types of loans. Nationwide, approximately 400,000 borrowers are expected to receive modifications of their loan at a total cost of $8.4 billion.

Bank of America’s own bail-out plan for Countrywide customers in risky loans. Bank of America announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for almost 400,000 Countrywide customers nationwide (125,000 of them in California).

The modification program is valued at as much as $8.4 billion and the costs of the program "have already been estimated and accounted for" by Bank of America as part of its acquisition of. According to one suit, Bank of America allegedly passed bad loans on to the Federal Housing Administration.

Going into default, whether as a gambit to get a loan modification. Retention Program, slated to begin in December. Countrywide, an aggressive lender during the boom, is now a division of Bank of.