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BofA Rolls Out $8.4 Billion Loan Mod Program

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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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In another essay, Denninger points out. In 2008, Bank of America Corp. settled charges brought by 15 attorneys related to accusations of predatory lending in its Countrywide Financial Corp. unit,

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He couldn’t discuss the case, filed under seal, until this year when he was awarded $14.5 million for his role in sparking a $1 billion settlement with Countrywide’s current parent, Bank of America.

The result was a 25 billion dollar national settlement that requires significant changes in how these banks service mortgage loans and provides some financial relief for homeowners who already lost their home and new modification and refinance opportunities for those who are still in their home.

Bank of America Corp. said Wednesday that most of the home-mortgage borrowers it had planned to offer principal reductions under a company program will instead be funneled to a government initiative that gives the servicer incentive payments. The Treasury Department’s program also will provide relief more quickly for these troubled borrowers.

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:

MBA: mortgage applications down 18.6% last week The refinance share of total mortgage activity fell to 55.3 percent of applications from 55.5 percent the week before. Fixed 30-year mortgage rates averaged 4.08 percent in the week, down 3 basis.

financed their homes with subprime or pay-option adjustable-rate mortgages (ARMs). 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.