Bank of America Corp (NYSE: BAC) has now completed more than 650,000 loan modifications since January 2008.
During the first half of 2010, Bank of America Corp (NYSE: BAC) announced that it has completed mortgage modifications for 160,000 homeowners. The Department of the Treasury will soon release a performance report on the Home Affordable Modification Program (HAMP) which is expected to show that Bank of America Corp (NYSE: BAC) will have 72,000 completed permanent modifications through the month of June, up from 63,000 during the mnth of May. Bank of America Corp (NYSE: BAC) also completed 17,000 non-HAMP related modifications during the month of June, for a total of 88,000 for the year.
“Although our total HAMP modifications slowed this month compared to previous periods, we had a particularly strong month in completing proprietary modifications outside of HAMP,” said Rebecca Mairone, default servicing executive for Bank of America Home Loans. “This included solid performance in providing alternative solutions through our second look program to homeowners who did not qualify for a permanent HAMP modification.”
“We continue to work through our remaining inventory of ongoing active HAMP trial modifications to complete underwriting reviews and make determinations on customers’ eligibility for permanent solutions. Simultaneously, since mid-April, we have been implementing a revised government policy requiring full documentation and underwriting of new trial modification plans,” Mairone noted. “During this transition period, we anticipate a slower rate of growth in the number of completed HAMP modifications.”
Shares of Bank of America Corp (NYSE: BAC) traded down 0.81% on Monday hitting $13.50 by 12:10 ET.
