Bank of America applauds the Obama administration’s Homeowner Affordability and Stability Plan focused on assisting homeowners with their mortgage payments through refinancing and a loan modification program.
Bank of America last week announced a moratorium on foreclosure sales. The moratorium will be extended until eligibility details for the Homeowner Affordability and Stability Plan are released.
Bank of America’s foreclosure sales moratorium includes first mortgage loans owned and serviced by Bank of America, Countrywide and subsidiaries of Merrill Lynch, as well as those owned by investors who have agreed to the terms of the moratorium.
“We support the administration’s focus on affordability in the loan modification and refinance processes in order to achieve long-term mortgage sustainability for homeowners,” says Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services. “Bank of America is committed to helping our customers sustain homeownership.”
“We want to ensure that any borrower who has sufficient income and the desire to sustain homeownership has the ability to do so using any and all tools we have available.”
“The administration’s focus is consistent with the approach we have successfully been using with our customers, which has led to more than 230,000 loan modifications for our customers in 2008, and another 39,000 customers in January alone,”
“We look forward to continuing to work with the Obama administration in the development of detailed guidelines for the modification and refinance plans to ensure success of the Homeowner Affordability and Stability Plan.”
L.D.