Bank of America remodified mortgages

Bank of America announced today they have modified more than 600,000 mortgages since January, 2008. The numbers represent $215 Billion to help refinance these mortgages. The total’s include those they purchased in the Countrywide Home Mortgage acquisition.

But they represent a failure.

These are some pretty powerful numbers but they are a bit disappointing. Why, because back in January Bank of America promised to modify 630,000 to avoid foreclosure. Reading the comments of the post I did back then shows a great deal of incompetence and neglect.

Add to that the disappointment for families that were told the company was going to rework many more mortgages than they actually did you can see the frustration emanating from their customers.

So Bank of America. Congratulations for solving 600,000 poor delivered mortgages. Now step up and fulfill your promises made to your customers.

The renegotiated loans were done through its own programs and the government’s Home Affordable Modification Program, the bank said.

Bank of America has concluded more than 450,000 loan modifications since January 2008 under its own programs. That includes about 225,000 modifications so far this year.

Through the government program and others, Bank of America said it has provided $215 billion to refinance existing mortgages. via the AJC