Bank of America Reported $35.7 Billion Nonperforming Home Loans, Leases and Foreclosures in Q2
Posted on | July 26, 2010 | No Comments
Even though mortgage rates were extremely low for much of the quarter and Americans look to be saving more than they spend it was still the case that Bank of America reported $25.7 billion nonperforming home loans, leases and foreclosures in Q2 of 2010. That number is up 15% from one year ago and has increased the balances of these property types by $5 billion since the second quarter of 2009.
Even though there were substantial losses in the mortgage and home loans division of Bank of America, it was still they case that the largest bank in the country reports $3.1 billion for Q2. During the second quarter of the year Bank of America completed 80,000 mortgage modifications which included 38,000 trial modifications that were converted into permanent home loan modifications.
Many media outlets are reporting that if the mortgage modification fails Bank of America is urging owners to go through short sale rather than going through the foreclosure process. It will be very interesting to see how Bank of America continue to perform when it comes to the Obama HAMP program.
Author: Mike Garner
Tags: bank of america > bank of america home loans > bank of america loans > home loans > home loans bank of america > home loans boa > nonperforming loans
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