Existing users please login

Forgot Password

Home / Markets / Industries / Finance

Friday, March 12, 2010

Bank Of America Sharply Boosts Mortgage Changes In Past Month

| Respond to Editor | Print

 
By Jay Miller
Dow Jones Newswires
     

    DOW JONES NEWSWIRES

    Bank of America Corp. (BAC) added nearly 8,000 customers to the ranks of borrowers modifying mortgages under the government's Home Affordable Modification Program in the latest month.

    The giant bank said 20,666 of its customers had a permanent Home Affordable modification as of the latest monthly report, up from 12,761 that had been completed a month earlier. BofA said another 22,303 permanent modifications are pending, which means final loan terms have been approved and are waiting for customers' signatures.

    "We are in a position to show strong results in completion of permanent HAMP modifications as we move into spring," said Jack Schakett, loss mitigation strategies executive for Bank of America Home Loans. "We have a strong pipeline of modifications in the trial payment period, under review for conversion to permanent status, and out for final signature."

    HAMP is a government program designed to lower monthly mortgage payments for homeowners who can no longer afford to make those payments.

    To qualify for a permanent loan modification, a borrower with a trial modification is required to make three consecutive monthly mortgage payments and complete the documentation. There has been concern that many applicants wouldn't be able to meet the requirements because of the amount of paperwork and additional training and processing required by lenders.

    Copyright © 2009 Dow Jones Newswires

    Fox Business Video


    Last 5 Stocks

    Find More Stocks

    • Ticker
    • Company
    • Price
    • Change
    Powered by
     

    Personal Finance - Investing - Financial News - Business News - Stock Market Quotes & News - Small Business

    Advertise with us | Jobs at FOX Business Network | Internships at FBN

    Terms of use. Privacy Statement. For FOXBusiness.com technical issues write to foxbusinessonline@foxbusiness.com; for all other feedback, write to feedback@foxbusiness.com.

    Quotes delayed at least 15 minutes. Market Data provided by Interactive Data (Terms & Conditions). Powered and implemented by Interactive Data Managed Solutions. Company fundamental data provided by Morningstar. Earnings estimates data provided by Zacks. Mutual fund data provided by Lipper. Economic data provided by Econoday. Dow Jones & Company Terms & Conditions.

    This material may not be published, broadcast, rewritten, or redistributed. ©2010 FOX News Network, LLC. All rights reserved.