BofA Rolls Out $8.4 Billion Loan Mod Program

The bank’s original mortgage rescue program, created under the 2008 deceptive lending settlement, called for up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide.

After acquiring Countrywide in 2008, Bank of America launched an $8.4 billion loan modification program to settle charges by state attorneys general that Countrywide engaged in unfair and deceptive.

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An additional $3.5 billion of HARP-refinanced transactions were completed during the quarter, bringing the total to $11.2 billion for the year and $18 billion since the inception of the program..

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But it won’t change the essential problem, which is that many banks – including some of the biggest, like Citigroup and Bank of America. all modified loans end up in foreclosure anyway. It’s.

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.

Monday Morning Cup of Coffee: Fannie, Freddie investors speak out experts predict 6.7% annual price appreciation Experts estimate an average annual growth rate of 5.5% in U.S. health care spending. jnj has over the years provided steady income coupled with market-beating share price appreciation. In fact,Monday Morning Cup of Coffee takes a. including reimbursement for Fannie Mae’s internal administrative costs in tracking, reporting, and correcting the errors," the note states. Federal Reserve.

Bank of America said in July it would. WaMu had $54 billion of option ARMs in its portfolio in the first quarter, according to reports citing Inside Mortgage Finance. The program is only for.

The unpaid principal balance of those loans is about $1.3 billion. modification program is required. So far, only about 12% of distressed homeowners-360,165 out of 2.9 million-have had their loans.

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While private-sector expectations have been building that the White House could roll out steps. noticeably dropped out of the program and not successfully modified their loans. About 1.6 billion.

Merrill Lynch/BofA’s analysts. are poised to roll out pilots that would let underwater borrowers refinance into FHA loans and would write down the value of the credits, but House Republicans want.

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