Bank Of America Helping Hand For Repo Homes

Posted on May 13, 2008
Filed Under Repo Homes | 4 Comments

The helping hand of the Bank of America is reaching out to help avoid about 265,000 repo homes. It will be in a position to do so after it acquires Countrywide Financial Corporation. It will then negotiate and modify loans amounting to about $40 billion over the following two years. This will greatly reduce the number of foreclosures expected.

Last January Countrywide agreed to the sell off in an all-stock deal. At the time of the announcement it was worth $4 billion. By the end of the third quarter of this year the deal is expected to be completed.

The target of Bank of America is to help 265,000 borrowers from facing foreclosures with the help of this plan. The plan also has given a thought to the tenants, who will be allowed to stay on repo properties 60 days after the completion of the foreclosure process. They will get $2,000 as expenses for shifting if they leave of their own accord without being pressurized. Many incidental fees will be waived to make the going easier for foreclosed victims.

During the next decade the Bank of America plans to spend $1.5 trillion in community development projects. It is double that of $750 billion goal of 2004. It will focus on affordable housing as well as economic development taking into account the needs of small business enterprises. Once the acquisition of Countrywide is completed the details of the programme will be released by the bank. After the acquisition it will locate consumer mortgage headquarters at Calabasas, California. From then on the mortgage business will be conducted under the name of Bank of America. The issue of foreclosure avoidance is top on its list of priorities.

The announcement by Bank of America in the last week of April is most welcome. It wants to move along philanthropic lines keeping in view the welfare of the community. It hopes that by combining with Countrywide it will gather strength to help the people buy houses and continue to stay in their homes by avoiding foreclosures. The image of the Bank of America is at an all time high having got an outstanding rating for the 6th consecutive time. For the last 30 years the bank has been playing a leading role in community development projects. From it modest business personnel and low to medium income neighbourhoods have benefited.

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