BofA Rolls Out $8.4 Billion Loan Mod Program

So when the Federal Reserve Bank of New York recently reported a 7 billion increase in. under the Home Affordable Modification Program. Freddie is worried that rising interest rates will.

Under the settlement, which is the largest predatory lending settlement in history, the mandatory loan modification program will provide immediate relief to homeowners who were put into the riskiest types of loans. Nationwide, approximately 400,000 borrowers are expected to receive modifications of their loan at a total cost of $8.4 billion.

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The modification program is valued at as much as $8.4 billion and the costs of the program "have already been estimated and accounted for" by Bank of America as part of its acquisition of.

Bank of America , meanwhile, has said that starting Dec. 1, it will modify an estimated 400,000 loans held by newly acquired Countrywide Financial as part of an $8.4 billion legal settlement.

The new program comes with a price tag of $8.4 billion, but Simon says that it will cost much less than foreclosing on homes en masse. As the credit crisis continues, more and more lenders and.

233 Responses to "Class Action Lawsuit Against Bank of America Over Mortgage Modification Handling" GERTRUDE GUILLORY Says: July 19th, 2011 at 3:19 pm. Our modification was first approved on 08/20/2010, paperwork arrived on 09/03 with a return date of 09/04, and still had the approved date of 08/20/2010.

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.

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Banks VS Credit Unions Although Bank of America (BoA), along with other big banks like Wells Fargo, Citibank, Ally/GMAC and JPMorgan Chase, recently reached a very favorable settlement of potential criminal fraud charges related to their mortgage lending practices, two recently unsealed civil fraud lawsuits against BoA reveal they may not be out of the woods just yet.

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based servicer to purchase all modified loans out of affected securitization trusts.. much as $8.4 billion, has led a group of investors to sue Bank of America Corp.. Countrywide first announced the loan modification program on Oct. 6, a dissent to the mass loan modification programs being rolled out by.

UPDATE 4-Two states sue Bank of America on mortgage servicing. director of the National State Attorneys General Program at Columbia Law School, said it would be difficult for incoming Arizona.