BofA Rolls Out $8.4 Billion Loan Mod Program

 · Yesterday, Zillow VP of Communications Amy Bohutinsky wrote a post about step one in President Obama’s housing plan, which is to get responsible, qualified homeowners to refinance to a lower rate.. Today, this post will deal with step two of Obama’s plan: loan modifications. What is a loan modification? Whether you call it a loan modification, mortgage modification, restructuring, or.

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.

Mods (i.e., modifications of mortgage. figure used in Bank of America’s Nationwide Homeownership Retention Program for Countrywide Customers. As announced, BofA: Will systematically modify troubled.

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.

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"Bank of America Merrill Lynch" is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC.

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He tried to get a loan modification through HAMP when the program came out in March 2009, but national city (which would eventually be purchased by PNC Bank) “dual tracked” him. One division of the bank began foreclosure proceedings while another appeared to be negotiating the loan modification in.

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.

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.

BofA expands Countrywide loan mods.. Bank of America launched an $8.4 billion loan modification program to settle charges by state. Keller Williams training scripts called out in commission.

“Banks are going to be very careful in how they roll. billion. jpmorgan Chase & Co (JPM.N), another U.S. home loan giant and rival for Wells Fargo and Bank of America, has sought to reduce monthly.