I will inquire from those that know if/how the conversation in this thread can be moved back here so it is under the I HATE Countrywide post and not in the Drupal post. None of this really matters to Google, Google will find the conversation where ever it is.
Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers
Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1
CALABASAS, Calif., Oct. 6 /PRNewswire/ -- Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.
The program was developed together with state Attorneys General and is designed to achieve affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Bank of America acquired Countrywide July 1, 2008.
"We are confident that together with the Attorneys General we have developed a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership," said Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services. "Since acquiring Countrywide in July, we have committed significant resources and developed innovative programs to help as many Countrywide customers as possible stay in their homes."
Countrywide mortgage servicing personnel will be equipped to serve eligible borrowers with new program elements by December 1, 2008 and will then begin proactive outreach to eligible customers. Foreclosure sales will not be initiated or advanced for borrowers likely to qualify until Countrywide has made an affirmative decision on the borrower's eligibility.
The centerpiece of the program is a proactive loan modification process to provide relief to eligible borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as rate resets or payment recasts.
Various options will be considered for eligible customers to ensure modifications are affordable and sustainable. First-year payments of principal, interest, taxes and insurance will be targeted to equate to 34 percent of the borrower's income. Modified loans feature limited step-rate interest rate adjustments to ensure annual principal and interest payments increase at levels with minimal risk of payment shock and redefault. Modification options include, among others:
-- FHA refinancing under the HOPE for Homeowners Program;
-- Interest rate reductions, which may be granted automatically through streamlined processing; and
-- Principal reductions on Pay Option adjustable rate mortgages that restore lost equity for certain borrowers.
The program applies to eligible mortgage loan customers serviced by Countrywide and who occupy the home as their primary residence. Under the national program, Countrywide will not charge eligible borrowers loan modification fees, and Countrywide will waive prepayment penalties for subprime and pay option ARM loans that it or its affiliates own. Some loan modifications will be subject to compliance with servicing contracts and some will require investor approval.
"Now more than ever homeowners and home buyers are looking to Bank of America as the lender they trust and as a leader that can renew America's confidence in home ownership," said Desoer. "Combined with our strong track record in responsible lending and previously announced lending practices commitments, this bold new program makes it clear that Bank of America is committed to be the leader in responsible mortgage lending practices."
As part of agreements to resolve outstanding claims against Countrywide by certain states, borrowers in participating states will additionally be eligible to access their share of:
-- A Foreclosure Relief Program of $150 million on a nationwide basis for payment to eligible Countrywide servicing customers who suffered foreclosure or are currently at serious risk of foreclosure having made only minimal payments since the time their mortgages were originated by Countrywide; and
--An additional program, projected to make payments up to $70 million to support customers with loans serviced by Countrywide who face imminent foreclosure, providing financial assistance with their transition from home ownership.
As part of the state agreements, Countrywide is further committing to eligible borrowers in participating states, it will waive late fees associated with a borrower's default in finalizing modifications under the program.
In addition, states that have not yet become participants in this program will be provided an opportunity to do so, which would enable their residents who are eligible Countrywide borrowers to become eligible for these benefits.
"Our program represents principal and interest reductions over time to borrowers on loans Countrywide owns and on loans Countrywide services on behalf of investors," said Joe Price, Bank of America Chief Financial Officer. "By taking projected foreclosure losses and instead directing those funds into these proactive foreclosure prevention efforts, we create a solution in the best interests of both our customers and the investors whose loans and securities we service. Of the eligible loans, about 12 percent are now held by Bank of America. The cost of restructuring these loans is within the range of losses we estimated when we acquired Countrywide."
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, more than 18,500 ATMs and award-winning online banking with more than 25 million active users. 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 and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
If you are facing possible foreclosure in Northeast Ohio--Cleveland Public Library is holding a series of FREE consultation sessions provided by NID/HUD at several branch locations starting on April 21st. Please call 216-623-6922 for more information.
Hey we now have to refer to COUNTRYWIDE as BANK OF AMERICA.....ya know the one that is NOW ASKING FOR 34 BILLION DOLLARS from the government?????????? HUH?????????? With all these complaints it certainly looks like they are NOT paying out any mortgage monies. DOES THIS MEAN THAT BANK OF AMERICA needs to EAT all the bad mortgages from COUNTRYWIDE. JUST GIVE ME MY 135,000 I AM EMPLOYED AND HAVE 50,000 EQUITY in my home.............NO I DON'T FIT THE PROFILE!!!!!!!!!
YES YES YES LOU DOBBS JUST ANNOUCED THAT FORMER CEO OF COUNTRYWIDE WAS ENDITED FOR FRAUD LEAKING STOCK TIPS AND SELLING 140 MILLION IN STOCK ANGELO MOZILO IT COULD NOT HAVE HAPPENED TO A NICER GUY. I AM STILL BATTLING FROM SEPT 2008 FOR MY REFINANCE I HOPE YOU ROT IN JAIL!!! ANYTHING YOU GET IN JAIL YOU DESERVE..............THAT 140 MILLION COULD HAVE BEEN OUR REFINANCING MONEY!!!
Please give us some hopeful news that you have succeeded against the evil forces that conspired against you. You deserve justice, as do so many people, like you.
It took 11 months and 21 days of faxing calling and harrassing Countrywide then to take on Ken Lewis of Bank of American after the merger since Mr Mozilo the former CEO of Countrywide is now in JAIL.
All I can tell you is I started to refinance my 8.375% 30 yr fixed mortgage in Sept 2008. I even emailed and faxed the White House.
11 months and 21 days has aged me and I feel like one of the lucky ones. I have 25 inches of paperwork as my memory.
All I can tell you is plead, beg, fax, call, email everyone from O'Bama to the Dept of Justice, Dept of Treasury (since there is an investigation going on now) because NONE of the banks are approving ANY of the Making Home Affordable loans.
Contact your legislator, your State Attorney General, The DOJ, The DOT, and fax the white house!!!
My state attorney general was most effective and I ended up with 6% interest for the term of my mortgage. They even sent the title company to my house to sign the new mortage papers. I had to do nothing.
God bless all the families that in Sept Countrywide closed hundreds of branches in the middle of our refinancing, kept our money for the appraisal and we lost it all.
Just make it your project and pray. Good luck to you.
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Countrywide mortgage conversaton went over here on Realneo
Countrywide mortgage conversaton went over here on Realneo.
I will inquire from those that know if/how the conversation in this thread can be moved back here so it is under the I HATE Countrywide post and not in the Drupal post. None of this really matters to Google, Google will find the conversation where ever it is.
HOPE CONF CALL WITH COUNTRYWIDE
They were RUDE and LIED.............no hope there
Some Helpful Links
email the US Justice Department
http://www.usdoj.gov/contact-us.html
Go to www.ripoffreports.com search Countrywide see what it says over 655 pages of complaints!!!!
Go to http://www.ajc.com/business/content/business/stories/2008/02/27/countrywidefinancial_0227.html#comments
they are trying to get a class action law suit together too
Sufficient value
Lu-I am sure you find it maddening that hedge fund managers are quoted as "feeling" that the Bank of America merger with Countrywide did not provide "sufficient value" to Countrywide shareholders, after the TARP financed bailout. So, the merger affected the mortgage you held with Countrywide at a 30 yr fixed 8.375% interest rate. Why did your mortage rise with the transfer of your mortgage to Bank of America? Did it rise as a result of your attempt to refinance?
You mentioned that you tried to appeal through the HOPE program. (Have we just created another bogus layer of bureaucracy to confound homeowners?) You mention that you have more equity in your house than debt and no one is helping you to refinance as promised by Bank of America in this article published in October 2008--
Bank of America Announces Nationwide Homeownership Retention Program for Countrywide Customers
Nearly 400,000 Countrywide Borrowers Could Benefit After Program Launches December 1
CALABASAS, Calif., Oct. 6 /PRNewswire/ -- Bank of America today announced the creation of a proactive home retention program that will systematically modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 Countrywide Financial Corporation customers nationwide.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )
The program was developed together with state Attorneys General and is designed to achieve affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Bank of America acquired Countrywide July 1, 2008.
"We are confident that together with the Attorneys General we have developed a comprehensive program that provides more solutions than ever before to assist troubled borrowers and put them back on the path to sustained home ownership," said Barbara Desoer, president, Bank of America Mortgage, Home Equity and Insurance Services. "Since acquiring Countrywide in July, we have committed significant resources and developed innovative programs to help as many Countrywide customers as possible stay in their homes."
Countrywide mortgage servicing personnel will be equipped to serve eligible borrowers with new program elements by December 1, 2008 and will then begin proactive outreach to eligible customers. Foreclosure sales will not be initiated or advanced for borrowers likely to qualify until Countrywide has made an affirmative decision on the borrower's eligibility.
The centerpiece of the program is a proactive loan modification process to provide relief to eligible borrowers who are seriously delinquent or are likely to become seriously delinquent as a result of loan features, such as rate resets or payment recasts.
Various options will be considered for eligible customers to ensure modifications are affordable and sustainable. First-year payments of principal, interest, taxes and insurance will be targeted to equate to 34 percent of the borrower's income. Modified loans feature limited step-rate interest rate adjustments to ensure annual principal and interest payments increase at levels with minimal risk of payment shock and redefault. Modification options include, among others:
-- FHA refinancing under the HOPE for Homeowners Program;
-- Interest rate reductions, which may be granted automatically through streamlined processing; and
-- Principal reductions on Pay Option adjustable rate mortgages that restore lost equity for certain borrowers.
The program applies to eligible mortgage loan customers serviced by Countrywide and who occupy the home as their primary residence. Under the national program, Countrywide will not charge eligible borrowers loan modification fees, and Countrywide will waive prepayment penalties for subprime and pay option ARM loans that it or its affiliates own. Some loan modifications will be subject to compliance with servicing contracts and some will require investor approval.
"Now more than ever homeowners and home buyers are looking to Bank of America as the lender they trust and as a leader that can renew America's confidence in home ownership," said Desoer. "Combined with our strong track record in responsible lending and previously announced lending practices commitments, this bold new program makes it clear that Bank of America is committed to be the leader in responsible mortgage lending practices."
As part of agreements to resolve outstanding claims against Countrywide by certain states, borrowers in participating states will additionally be eligible to access their share of:
-- A Foreclosure Relief Program of $150 million on a nationwide basis for payment to eligible Countrywide servicing customers who suffered foreclosure or are currently at serious risk of foreclosure having made only minimal payments since the time their mortgages were originated by Countrywide; and
--An additional program, projected to make payments up to $70 million to support customers with loans serviced by Countrywide who face imminent foreclosure, providing financial assistance with their transition from home ownership.
As part of the state agreements, Countrywide is further committing to eligible borrowers in participating states, it will waive late fees associated with a borrower's default in finalizing modifications under the program.
In addition, states that have not yet become participants in this program will be provided an opportunity to do so, which would enable their residents who are eligible Countrywide borrowers to become eligible for these benefits.
"Our program represents principal and interest reductions over time to borrowers on loans Countrywide owns and on loans Countrywide services on behalf of investors," said Joe Price, Bank of America Chief Financial Officer. "By taking projected foreclosure losses and instead directing those funds into these proactive foreclosure prevention efforts, we create a solution in the best interests of both our customers and the investors whose loans and securities we service. Of the eligible loans, about 12 percent are now held by Bank of America. The cost of restructuring these loans is within the range of losses we estimated when we acquired Countrywide."
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, more than 18,500 ATMs and award-winning online banking with more than 25 million active users. 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 and has relationships with 99 percent of the U.S. Fortune 500 companies and 83 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Photo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk [at] prnewswire [dot] com
SOURCE: Bank of America
CONTACT: Media, Dan Frahm, 1-800-796-8448; or Investors, Kevin Stitt,
+1-704-386-5567, or Lee McEntire, +1-704-388-6780, all of Bank of America
Web site: http://www.bankofamerica.com/
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
If you are facing possible foreclosure in Northeast Ohio--Cleveland Public Library is holding a series of FREE consultation sessions provided by NID/HUD at several branch locations starting on April 21st. Please call 216-623-6922 for more information.
How do you spell BALONEY COUNTRYWIDE AND BOA
Hey we now have to refer to COUNTRYWIDE as BANK OF AMERICA.....ya know the one that is NOW ASKING FOR 34 BILLION DOLLARS from the government?????????? HUH?????????? With all these complaints it certainly looks like they are NOT paying out any mortgage monies. DOES THIS MEAN THAT BANK OF AMERICA needs to EAT all the bad mortgages from COUNTRYWIDE.
JUST GIVE ME MY 135,000 I AM EMPLOYED AND HAVE 50,000 EQUITY in my home.............NO I DON'T FIT THE PROFILE!!!!!!!!!
This home retention is a stall tactic
go to www.ripoffreports.com see it with your own eyes!!!!!!!!!!
YES YES YES
YES YES YES LOU DOBBS JUST ANNOUCED THAT FORMER CEO OF COUNTRYWIDE WAS ENDITED FOR FRAUD LEAKING STOCK TIPS AND SELLING 140 MILLION IN STOCK ANGELO MOZILO IT COULD NOT HAVE HAPPENED TO A NICER GUY. I AM STILL BATTLING FROM SEPT 2008
FOR MY REFINANCE I HOPE YOU ROT IN JAIL!!!
ANYTHING YOU GET IN JAIL YOU DESERVE..............THAT 140 MILLION COULD HAVE BEEN OUR REFINANCING MONEY!!!
Revenge is sweet
Dear Lugar---I hope your can savor some revenge for the hardship you have endured this year.
http://www.foxbusiness.com/story/markets/countrywide-ceo-mozilo-charged-fraud/
Please give us some hopeful news that you have succeeded against the evil forces that conspired against you. You deserve justice, as do so many people, like you.
Vulture investors
For those who may have missed it--in today's PD, reprinted from the San Francisco Chronicle.
Countrywide evolves to benefit from housing downturn
I did not think it would ever happen
It took 11 months and 21 days of faxing calling and harrassing Countrywide then to take on Ken Lewis of Bank of American after the merger since Mr Mozilo the former CEO of Countrywide is now in JAIL.
All I can tell you is I started to refinance my 8.375% 30 yr fixed mortgage in Sept 2008. I even emailed and faxed the White House.
11 months and 21 days has aged me and I feel like one of the lucky ones. I have 25 inches of paperwork as my memory.
All I can tell you is plead, beg, fax, call, email everyone from O'Bama to the Dept of Justice, Dept of Treasury (since there is an investigation going on now) because NONE of the banks are approving ANY of the Making Home Affordable loans.
Contact your legislator, your State Attorney General, The DOJ, The DOT, and fax the white house!!!
My state attorney general was most effective and I ended up with 6% interest for the term of my mortgage. They even sent the title company to my house to sign the new mortage papers. I had to do nothing.
God bless all the families that in Sept Countrywide closed hundreds of branches in the middle of our refinancing, kept our money for the appraisal and we lost it all.
Just make it your project and pray. Good luck to you.