Bank of America Reports Mortgage Modifications

Bank of America, with mortgage headquarters in Calabasas, announced it has completed mortgage modifications for about 160,000 homeowners who face difficulties in making their monthly payments due to economic conditions during the first half of 2010. Since January 2008 the bank has modified 650,000 home loans. The upcoming Home Affordable Modification Program performance report from the Department of Treasury is expected to show Bank of America completed more than 72,000 permanent HAMP modifications through June, up from 63,000 reported by Treasury the month before. Bank of America said it continues to work through its remaining inventory of ongoing active HAMP trial modifications to complete underwriting reviews and make determinations on customers’ eligibility for permanent solutions. Simultaneously, since mid-April, the bank has been implementing a revised government policy requiring full documentation and underwriting of new trial modification plans.