Bank of America hasn't modified any mortgages so far under settlement - Bottom Line

Bank of America hasn't modified any mortgages so far under settlement - Bottom Line

Bank of America Corp hasn't completed any first-mortgage modifications that reduce loan balances for borrowers so far under a $25 billion settlement reached this year, the official monitoring the agreement said Wednesday.
Five financial institutions that are part of the settlement have provided $10.6 billion in consumer relief from March 1 to June 30, with $8.7 billion in the form of short sales in which customers sell their homes for less than the mortgage's value. Bank of America produced $4.8 billion in short sales, the most of the five banks, according to the first report by settlement monitor Joseph Smith.
JPMorgan Chase & Co completed $367 million in first lien modifications in which borrowers had their loan balances reduced, about half of all modifications. 

The agreement required Bank of America, which bought subprime lender Countrywide Financial in 2008, to provide the most consumer relief. But in a securities filing this month it said a significant number of modifications had not yet been completed "due to the time required to underwrite the modified loans."
The bank so far has provided no relief through refinancings, according to the report. It has completed $54.2 million in second-mortgage modifications. ''


Remember this folks when Obama speaks at the DNC and touts of the housing recovery in his name...

WHERE IS THE MONEY?