Bank of America has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial Corp. as part of an $8.4 billion. reaching out to borrowers.
You are seamlessly transferred into the baneful home affordable modification. the largest home loan program period. This was assured when the loan limits of FHA were raised above those of Fannie.
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· Bank of America also violated a promise, made by BoA to the federal government as a condition of getting $45 billion from the federal bank bailout, to help borrowers get into HAMP, when the bank was actually pushing borrowing to accept non-HAMP loans at worse rates.
Bank of America has agreed to settle claims brought by state attorneys general regarding risky loans originated by Countrywide, in a deal that could be worth more than $8.4 billion.
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NACA rolls the. had obtained $10 billion in bank commitments for its own loan program. naca’s first target was Fleet Financial, a New England bank that had over 1,500 branches and 59,000 employees.
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reduction have been granted an estimated $8.4 billion in principal reduction. Of all non-GSE loans eligible. programs. Provides first lien modifications for distressed borrowers in loans. Additional programs were subsequently rolled out to expand the program reach. Making Home. Bank of America, N.A.. 39,606. 33,401.
· The program is expected to provide mortgage relief to up to 45,000 borrowers who obtained certain types of home loans through defunct mortgage lender Countrywide, which BofA acquired in 2008. The bank said it expects to write down a total of $3 billion in principal, which works out to an average reduction of nearly $67,000 per borrower.
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Bank of America rolls out $8.4 Billion Loan Mod Program for Countrywide Loans This is very good news for people who have countrywide option arm loans. See the full story here: