BoA Reports Rising Loan Modifications
Bank of America Corp., which has been under government pressure to modify more underwater mortgages, has apparently responded aggressively.
Bank of America reports that as of the end of February, it had modified 20,666 of its customers’ mortgages permanently under the Home Affordable Modification Program, up from 12,761 at the end of January.
The company said another 22,303 are pending, waiting only for customer signatures.
“We are in a position to show strong results in completion of permanent HAMP modifications as we move into spring,” says Jack Schakett, loss mitigation strategies executive the bank.
Source: The Wall Street Journal, Jay Miller (03/12/2010)
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