October 12, 2011 (Shirley Allen) Bank of America has opened another customer assistance center to serve its mortgage customers who are facing difficulties paying their mortgages. The new assistance center is located in Southington and serves mortgage customers throughout Connecticut. […]
July 6, 2011 (Chris Moore) Bank of America has announced that it is donating up to 100 vacant foreclosed properties to the Cuyahoga County Land Reutilization Corporation (Cuyahoga Land Bank) for reuse, redevelopment and neighborhood revitalization, reducing urban blight. […]
March 29, 2011 (Jeff Alan) Bank of America has announced that they will begin soliciting homeowners who are eligible for mortgage prinicipal write downs as part of the Treasury Department’s Hardest Hit Fund being implemented through the California Housing Finance Agency (CalHFA). Read more...
March 21, 2011 (Shirley Allen) Bank of America (BofA) has announced that it is doubling its outreach staffing, adding more regional customer assistance centers, holding more community based events, and increasing collaboration with non-profit housing counselors in 2011. Read more...
March 15, 2011 (Chris Moore) In a presentation for investors, Bank of America chronicled the life and times of 100 random mortgage loans that were 60 days or more delinquent on their way down the path to a permanent HAMP loan modification. HAMP is in the House Financial Services Committee’s crosshairs this week, aiming to [...]
March 14, 2011 (Jeff Alan) Bank of America today announced the new “Military Loan Modification Program,” aimed at providing mortgage relief for active duty military customers behind on their payments and extending mortgage protections for servicemembers beyond active duty. The program takes effect April 1, 2011. Read more...
March 14, 2011 (Shirley Allen) Wells Fargo & Co. CEO John Stumpf said that principal reductions could have a “huge impact” on Freddie Mac and Fannie Mae and that such a strategy could entice homeowners to default on their current loans in order to get a better deal, echoing the worries made last week by [...]
March 9, 2011 (Chris Moore) Bank of America representatives said on Tuesday that the Obama Administration’s $20 billion proposal to try to force banks to write down mortgage principals was unworkable and unfair to borrowers who had managed to stay current on their loans, a point made previously here on LoanRateUpdate. “There’s a core problem [...]
March 7, 2011 (Shirley Allen) Bank of America (BofA) is piloting a program to write down mortgage principal for borrowers in three states participating in the Hardest Hit Fund. To date, Arizona, Nevada, and California are among the states that have proposed using federal aid money to have BofA lower the amount struggling borrowers owe [...]
