BofA Rolls Out $8.4 Billion Loan Mod Program

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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.

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.

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. Nevada Attorney General Catherine Cortez Masto is seeking to terminate her state’s participation in the 2008 settlement agreement.

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.

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The Bank of America mortgage settlement fiasco. incentives under President Obama’s $75 billion home affordable modification program (HAMP) toward the loan modifications it is required to make.

 · Bank of America , meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial as part of an $8.4 billion legal settlement.

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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.

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The Dallas Business Journal features local business news about Dallas.. BofA to modify Countrywide mortgages in Texas. said the retention program will make $8.4 billion in interest rate and.

 · 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.

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Bank of America now owns Countrywide. In settling the litigation, Bank of America agreed to make loans more affordable for about 400,000 homeowners. "It is the first ever in the country mandatory loan.