Bank of America Applauds President Obama's Homeowner Affordability and Stability Plan 

Bank of America last week announced a moratorium on foreclosure sales

by Impact Wire Wednesday, February 18, 2009
Bank of America today said it applauds the Obama administration's Homeowner Affordability and Stability Plan focused on assisting homeowners with their mortgage payments through refinancing and a loan modification program.

"We support the administration's focus on affordability in the loan modification and refinance processes in order to achieve long-term mortgage sustainability for homeowners," said Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. "Bank of America is committed to helping our customers sustain homeownership."

Bank of America last week announced a moratorium on foreclosure sales. Desoer said the moratorium will be extended until eligibility details for the Homeowner Affordability and Stability Plan are released. Bank of America's foreclosure sales moratorium includes first mortgage loans owned and serviced by Bank of America, Countrywide and subsidiaries of Merrill Lynch, as well as those owned by investors who have agreed to the terms of the moratorium.

"We want to ensure that any borrower who has sufficient income and the desire to sustain homeownership has the ability to do so using any and all tools we have available," she said.

"The administration's focus is consistent with the approach we have successfully been using with our customers, which has led to more than 230,000 loan modifications for our customers in 2008, and another 39,000 customers in January alone," said Desoer. "We look forward to continuing to work with the Obama administration in the development of detailed guidelines for the modification and refinance plans to ensure success of the Homeowner Affordability and Stability Plan."

In 2008, Bank of America committed to offer over the next three years loan modifications to as many as 630,000 customers to help them stay in their homes, representing more than $100 billion in mortgage financing. More than 5,900 associates are focused on home retention efforts on behalf of Bank of America and Countrywide customers.

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 59 million consumer and small business relationships with more than 6,100 retail banking offices, nearly 18,700 ATMs and award-winning online banking with nearly 29 million active users. Following the acquisition of Merrill Lynch on January 1, 2009, Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to more than 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients in more than 150 countries. Bank of America Corporation stock is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.

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