BofA moves on principal reduction promised in AG settlement
According to a press release, Bank of America is set to start rolling out a principal forgiveness program as per the terms of the recent, horrible, mortgage settlement. From the press release: "Bank of America Home Loans has begun reaching out to customers who may be eligible for forgiveness of.
“Underwater borrowers,” whose loans exceed their home’s worth, may be eligible for principal reductions that lower monthly payments. New protections from loan servicing abuse will take effect as well..
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Bank of America Offering Mortgage Principal Reductions | TIME.com – Bank of America announced it has begun mailing letters to the first wave of up to 200,000 homeowners who are eligible for mortgage principal reductions, part of a settlement the bank worked out with the federal government and 49 state attorneys general. In a statement, the bank says homeowners who.
Will our clients get principal reduction? May 7, 2012. Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.
BofA begins principal reduction under AG settlement Servicers begin using HAMP for AG settlement relief Jon Prior was a reporter with HousingWire through late 2012.
For all these reasons, I suspect that BofA’s move into the world of principal reduction will remain very small-scale, and that insofar as the practice takes off, it will do so only among hedge funds and others who have bought mortgages on the secondary market. At least unless and until Treasury modifies its modification principles.
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NAAG | The National Mortgage Settlement: One Year Later – Our hope and plan was that, because of the National Mortgage Settlement, it would be apparent that principal reduction works and would be employed beyond the Settlement. Indeed, our vision was that the Settlement would be a catalyst for the use of principal reduction in other loan modifications. That is starting to occur.
"We believe that Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers,"said Steve Berman, managing partner of Hagens Berman and one of the attorneys who filed the lawsuit. "BofA promised that it would work with homeowners to modify their mortgages under the HAMP program.
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