Bank of America (BoA) reported $35.7 billion in nonperforming loans, leases and foreclosed properties in Q210 - which is 15% above levels measured in the same quarter of last year. These loans and properties increased more than $5 billion in total aggregate balance since Q209. The total did drop by more than $200 million worth of these loans and properties from the $35.9 billion reported in Q110. They represented 3.74% of all outstanding loans, leases and foreclosed properties at the end of Q210. Since 2008, BofA and the acquired Countrywide completed nearly 650,000 loan modifications. During Q210 alone, BofA completed 80,000 modifications, including 38,000 trial modifications that were converted into permanent workouts under the Home Affordable Modification Program (HAMP). If a modification does fail, BoA is putting an emphasis on selling the home through a short sale ahead of foreclosure. At REO Expo 2010, Matt Vernon, the short sale and REO executive at BoA said that t
he bank added 1,000 employees to the short sale staff and will “do everything possible to liquidate property prior to foreclosure.”
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Martin Crawford
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