Bank of America’s Non-HAMP Foreclosure Rescues at 500,000

Bank of AmericaBank of America today released a tally of its own, non-government foreclosure rescue efforts since January 2008:  More than 500,000 loan customers have had their mortgages reduced.
In addition, the bank has the most active trials under the government’s Home Affordable Modification Program, HAMP, with more than 240,000.
Under HAMP, Bank of America has completed nearly 21,000 modifications, reducing monthly payments by hundreds of dollars permanently for borrowers who had been facing foreclosure.
“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.”
BofA has become a focal point of HAMP because it is the top U.S. lender and for its relatively low rate of assistance, as calculated by HAMP’s monthly report for February released today. While Bank of America has the highest number of active trials, it is in 11th place with a 24 percent share of those borrowers eligible for HAMP assistance.
However, in its statement today, BofA stressed its own modification efforts outside of HAMP’s system and calculations.
“The bank’s homeownership retention efforts were well underway prior to implementation of HAMP last year, and the company continues to rely on proprietary programs to modify loans for homeowners who do not qualify for the government initiative,” Bank of America said.
See Related Articles:

  • HAMP: Foreclosure Help Rate Nudges to 29% of Eligible
  • Obama Short Sale Plan Avoids Foreclosure with Less Debt
  • Weather, Mortgage Redos Slow Foreclosure Filings in February
  • HAMP Critics: What is the True Foreclosure Rescue Rate?
  • One thought on “Bank of America’s Non-HAMP Foreclosure Rescues at 500,000

    • April 17, 2010 at 3:26 pm
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      If it walks like a piggy, talks like a piggy, by golly it’s a PIGGY!
      BofA and it’s CEO Brian Moynihan reminds me of that song by John Lennon and George Harrison titled “Piggies” I invite you to listen to this song on youtube and see if it appropriately fits.
      http://www.youtube.com/watch?v=sXdKlpBOvs0&feature=related
      Have you seen the little piggies
      Crawling in the dirt
      And for all the little piggies
      Life is getting worse
      Always having dirt to play around in.
      Have you seen the bigger piggies
      In their starched white shirts
      You will find the bigger piggies
      Stirring up the dirt
      Always have clean shirts to play around in.
      In their ties with all their backing
      They don’t care what goes on around
      In their eyes there’s something lacking
      What they need’s a damn good whacking.
      Everywhere there’s lots of piggies
      Living piggy lives
      You can see them out for dinner
      With their piggy wives
      Clutching forks and knives to eat their bacon.
      Wright vs. Bank of America Lawsuit at: unitedlawgroup.com
      When I filed my lawsuit against Bank of America, myself and United Law Group thought of the many others out there in the same situation. It was then that we decided to educate the public on what these piggy banks are doing, as well as unite us all together as one voice. Please help me turn this David vs. Goliath modification process, into a Goliath vs. Goliath.
      Please stand with me and United Law Group and send an email to Bank of America that states that we will no longer tolerate their potentially illegal, fraudulent, irregular and abusive business methods.
      Divided we might have fell America, but united we must stand!
      Please send your email directly to Bank of America and include the following:
      1. Your name
      2. Your complaint concerning your experience with Bank of America.
      3. Please end your email “I support John Wright vs. BofA Lawsuit!”
      4. Please send a copy of your email to johns-wright@hotmail.com
      5. Please send your email to both BofA link below and the CEO email
      BofA Linked Email:
      https://www3.bankofamerica.com/contact/?lob=general&contact_returnto=&state=VA
      CEO Brian Moynihan:
      brian.t.moynihan@bankofamerica.com

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