Bank of America Criticized for Making Few Modifications Under the Home Affordable Modification Program

The Obama Administration has been an advocate of modification of eligible homeowners over the federal government programs Home Affordable Modification Program. Bank of America has been criticized because only 21% of eligible Bank of America borrowers have received program modifications. Bank of America explains that it picked up 10 million mortgages and acquired Country Wide Financial and that it slowed their process.

44% of eligible borrowers have received modifications under the home modification program under Citigroup while 37% at Wells Fargo and 32% at JP Morgan Chase.

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