From the category archives:

Bank of America

Bank of America Sues First American on ‘Lien Protection’ Claims

by Moe Bedard

March 18 (Bloomberg) — Bank of America Corp. stepped up efforts to curtail the cost of soured mortgages by suing First American Corp., claiming the title insurer refused to cover more than 5,500 loans that caused $535 million of losses.

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Countrywide Home Loans demands $111 million from Triad Guaranty Insurance

by Moe Bedard

LOS ANGELES (CN) – Countrywide Home Loans demands $111 million from Triad Guaranty Insurance, claiming Triad is trying to blame mortgage lenders for the insurer’s role in the housing bubble and collapse. In a somewhat brazen complaint, Countrywide claims Triad “encouraged lenders

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Bank of America loan modification pipeline clogged

by Moe Bedard

Two years after swallowing the troubled mortgage giant Countrywide Financial, Bank of America trails other major U.S. lenders in resolving troubled home loans through short sales or modified loan terms.

The lender, one of the nation’s biggest banks, holds more than a million mortgages that are months behind on their payments — twice as many

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Bank of America denies employee loan modification horror story

by Moe Bedard

Bank of America is defending itself after a former employee criticized the company’s call center policies. The woman said, when she worked in the call center, bank policy allowed her only three attempts to notify loan modification applicants of key paperwork they needed to take care of.

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For some homeowners, loan modifications do not help

by Moe Bedard

Five months and some 40 e-mails and phone calls later, Parker got the bank to reduce his payments by about $126 a month. But there was a big tradeoff: His late payments were tacked onto the balance, increasing the amount he owes to $157,805 — $10,300 more than he originally borrowed.
“I’m back to work but [...]

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Bank of America Completes 12,700 Permanent HAMP Modifications; Another 13,700 Approved and Pending Homeowners’ Signatures

by Moe Bedard

Quadrupling of Completed Modifications in One Month Demonstrates Commitment and Momentum in Executing Government’s Homeownership Retention Initiative
CALABASAS, Calif., Feb. 16 /PRNewswire/ — Bank of America has realized significant gains modifying mortgages through the government’s Home Affordable Modification Program (HAMP). At the reporting deadline for the Department of Treasury’s monthly servicer progress report expected to be [...]

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Bank of America Sued By Ohio Homeowners Over Loan Modification Program

by Moe Bedard

Lawyers at the Legal Aid Society of Southwest Ohio have filed a lawsuit against Bank of America, alleging it failed to follow through on promises it made to modify mortgage loans.
The lawsuit was filed on behalf of 10 Ohio homeowners who participated in a federal “borrower outreach” program in Cincinnati last October. Bank of

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I’m a little shocked at how much this bank is fighting on this modification

by Moe Bedard

SARASOTA – After five months of seeking a mortgage loan modification, Jeffery Feig’s approval package arrived in March. His payment was cut in half.
But two months later, Bank of America called with bad news: The lender changed its mind and wanted him to start paying the larger amount again.

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Bank of America First Mortgage Servicer to Sign On Gov. Second Lien Program

by Moe Bedard

Nation’s Largest Servicer Ready to Go upon Release of Federal Guidelines

 CALABASAS, Calif., Jan. 26 /PRNewswire/ — Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government’s Home Affordable Modification Program (HAMP). The formal action follows a verbal [...]

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Video: Bank of America Forecloses on the Wrong Home

by Moe Bedard

A lot of people are facing foreclosure nightmares these days but imagine going through the ordeal when you don’t even have a mortgage.
That’s what happened to the Cardosos in New Bedford, Massachusetts.

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Bank of America had nothing — no new ideas or proposals to offer to keep families in their homes

by Moe Bedard

“Bank of America had nothing — no new ideas or proposals to offer to keep families in their homes and end the suffering in our communities,” the Rev. Lucy Kolin said in a news release.
But Bank of America officials didn’t think that message matched what took place in the meeting. They had bristled at the [...]

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Bank of America Says That 200,000 HAMP Loan Modifications Started

by Moe Bedard

CALABASAS, Calif., Jan. 14 /PRNewswire/ — Bank of America today pointed to several indications of strong momentum in its efforts to help customers advance from trial modifications to completed modifications under the federal government's Home Affordable Modification Program (HAMP). The program is designed to help financially distressed homeowners obtain a long-term, affordable mortgage payment.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b [...]

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Is Bank of America Doing Enough to Help Homeowners?

by Moe Bedard

Bank of America says it’s working hard to help struggling borrowers keep their homes. It’s gone door to door to reach distressed homeowners, hired thousands of staffers to work with those customers, and changed the repayment terms of more than 700,000 mortgages over the past two years.

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Bank Of America Defends Loan Modification Program

by Moe Bedard

WASHINGTON -(Dow Jones)- Bank of America Corp. (BAC) is seeking to put its performance in the Obama administration’s loan-modification program in context, saying that it is grappling with a much larger pool of ineligible borrowers than its rivals.

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Bank of America Sues MGIC in a Dispute Over Claims

by Evan Bedard

Bank of America, the biggest U.S. lender, said in a Dec. 17 complaint that MGIC, led by Chief Executive Officer Curt Culver, denied millions of dollars of valid claims for defaulted mortgages by relying on an “unreasonable” interpretation of its policies. MGIC said it intends to defend itself against the bank’s allegations.
MGIC “faces the reality [...]

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Bank of America Stands Behind Mortgage Modification Program

by Moe Bedard

WASHINGTON -(Dow Jones)- Bank of America Corp. (BAC) is seeking to put its performance in the Obama administration’s loan-modification program in context, saying that it is grappling with a much larger pool of ineligible borrowers than its rivals.
While the bank leads all participating mortgage servicers in the number of loan modifications offered to borrowers under [...]

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98 Loan Mods Done; 340,000 (Or More) To Go

by Moe Bedard

The Treasury Department says approximately one million Bank of America customers are eligible for a loan modification.
It sounds like a lot, but of that large number, just 160,000 are in a trial modification program, a paltry 16 percent.

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Greg Curl: Bank of America CEO Candidate Under the Scope

by Moe Bedard

Mr. Curl, a longtime company executive, led negotiations on all of the bank’s recent mergers and is best known for his deal-making skills. In recent weeks, he represented the bank in its negotiations to return taxpayer money.
The bank expects to repay its $45 billion in bailout funds this week, after it raised nearly $20 billion [...]

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