Bank of America Takes Most but Not All of TBW's Loans
The official BofA press release says:
Bank of America announced that it has completed the transfer of the servicing of about 180,000 Ginnie Mae-securitized mortgage accounts previously serviced by Taylor, Bean and Whitaker (TBW) to its home loans servicing portfolio. Letters welcoming those homeowners to Bank of America will be mailed this week and should arrive by September 4.
Recently, Ginnie Mae announced it was ending TBW's ability to continue to service Ginnie Mae-securitized loans and that the loans serviced by TBW were being transferred to BAC Home Loans Servicing, a Bank of America subsidiary and the government corporation's master sub-servicer under a long-standing agreement. These are government-guaranteed loans financed through FHA, VA, the Department of Agriculture's Rural Development program, and the Office of Public and Indian Housing. Bank of America will not become the new servicer of all TBW-serviced loans. Homeowners with other types of loans serviced by TBW, including loans securitized by Freddie Mac and Fannie Mae, should check for further information at www.taylorbean.com.
This will teach you to do loan modifications in the future, Bank of America.
Loan mod redux:
If Bank of America is "America's bank" and America is underwater and in desperate need of their help to refinance, why are they being so stingy with the loan modifications?So I suppose this clears up that little "problem."
Does Timmy have to grab Bernaulson's shotgun and start forcing loan mods or what?
Bloomberg:Bank of America Corp. and Wells Fargo & Co. were the worst performers among the biggest U.S. banks in modifying loans for struggling homeowners, according to a Treasury Department report.
Bank of America began 27,985 trial loan modifications, or 4 percent of its eligible loans, under the government’s Making Home Affordable program started in March, the report today shows. Wells Fargo had a 6 percent rate, trailing JPMorgan Chase & Co.’s pace of 20 percent, and Citigroup Inc.’s 15 percent.