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NEW YORK -- Bank of America says it plans to provide mortgage relief to about 200,000 homeowners whose home values have fallen below what they owe on their mortgages. Bank of America would reduce ...
Some mortgage lenders offer their own down payment assistance to eligible borrowers. Bank of America, Chase and Wells Fargo, for example, offer down payment and closing cost grants. Other lenders ...
The lender said Tuesday that it has begun mailing out letters to customers who may qualify to have their home loans reduced as part of a multistate BofA Mailing Principal Reduction Offers to ...
Bank of America Home Loans is the mortgage unit of Bank of America. It previously existed as an independent company called Countrywide Financial from 1969 to 2008. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion. In 2006, Countrywide financed 20% of all mortgages in the United States, at a value of about 3. ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
The Community Reinvestment Act (CRA, P.L. 95-128, 91 Stat. 1147, title VIII of the Housing and Community Development Act of 1977, 12 U.S.C. § 2901 et seq.) is a United States federal law designed to encourage commercial banks and savings associations to help meet the needs of borrowers in all segments of their communities, including low- and moderate-income neighborhoods.
After being named the bank with the worst record in mortgage modification, Bank of America (BAC) has finally expanded its staff to handle the growing number of troubled loans and offer mortgage ...