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Tag Archives: Bank of America

BofA Leads Industry in Completing Home Affordable Modifications

The number of permanent Home Affordable Modification Program (HAMP) mortgage restructurings completed by Bank of America through July has reached more than 76,000, a number that BofA says continues to lead the industry. In addition, nearly 100,000 Bank of America customers have received non-HAMP modifications this year, including many that did not qualify under the federal program. BofA also reported that it completed 25,000 short sale transactions during the second quarter of this year.

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Bear Stearns Portfolio Puts New York Fed in Foreclosure Quandary

The U.S. Federal Reserve is in the same boat as the banks now, dealing with a mortgage portfolio that's riddled with deficiencies and delinquencies. The central bank's New York branch has been saddled with a heap of souring loans from the assets it picked up to support the 2008 bailout of Bear Stearns. And now, as more and more of these loans - both residential and commercial - fall into default, the New York Fed is faced with a dilemma: to foreclose or not to foreclose.

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Bank of America Earns $3.1 Billion in Second Quarter

Bank of America Corporation reported second-quarter 2010 net income of $3.1 billion on Friday. That follows a $3.2 billion profit during the first quarter of this year. According to the company's earnings report, results were driven by lower credit costs, which improved for the fourth straight quarter. However mortgage banking income declined. Nonperforming loans, leases, and foreclosed properties were $35.7 billion, and BofA said it bolstered loss reserves for its consumer real estate portfolios, amid continued stress in the housing market.

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