BofA Rolls Out $8.4 Billion Loan Mod Program

BofA Rolls Out $8.4 Billion Loan Mod Program

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.

Although Bank of America (BoA), along with other big banks like Wells Fargo, Citibank, Ally/GMAC and JPMorgan Chase, recently reached a very favorable settlement of potential criminal fraud charges related to their mortgage lending practices, two recently unsealed civil fraud lawsuits against BoA reveal they may not be out of the woods just yet.

The bank also violated the terms of a 2009 consent agreement requiring its Countrywide mortgage subsidiary to implement a loan modification program. and Bank of America agreed to reduce principal.

Education Loan | CANARA BANK EDUCATION LOAN | Education Loan Scheme | Loans For Study Countrywide was acquired by Bank of America. The new program comes with a price tag of $8.4 billion, but Simon says that it will cost much less than foreclosing on homes en masse. As the credit.

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In August 2009, ceo terry laughlin said the bank has "embraced" the program, adding that it was "pleased to roll out. typical. Bank of America Corp. BAC, +1.44%, the country’s largest mortgage.

Bank of America is one of the world’s largest banks. The bank had $2.11 trillion in assets as of December 2014. It is "one of the country’s most extensive branch networks," according to Hoover’s, and has been one of the biggest lenders (though its top position suffered in 2012 after billions in mortgage losses).

But many lenders are reluctant to lower the principal owed to make up for the difference. Bank of America included principal reductions in a loan modification program it initiated. will the.

financed their homes with subprime or pay-option adjustable-rate mortgages (ARMs). The loan modification program, which was developed by BofA in collaboration with the states’ attorneys general, targeted 400,000 Countrywide customers whose mortgages were originated prior to December 31, 2007.

By GRETCHEN MORGENSON Published: October 5, 2008 Countrywide Financial has agreed to the largest program ever to modify home loans, as part of a settlement with officials in 11 states, just days after the federal government adopted a giant financial rescue package without any relief for distressed homeowners.

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