Bank of America (BAC) Adds 8,000 New Customers Under Mortgage Modifications Program
By Benzinga Staff
March 12, 2010 4:16 PM
March 12, 2010 4:16 PM
Bank of America (NYSE: BAC) has added about 8,000 new customers under the government’s Home Affordable Modification Program (HAMP).
The banking giant said that about 20,666 of its customers received a permanent modification under the program. Bank of America said it had another 22,303 applications, which are still pending.
The HAMP is designed to lower monthly mortgage payments for home owners, who cannot afford to make those payments. A borrower needs to make three consecutive monthly mortgage payments and complete a set of documentation in order to qualify for the permanent modification program.
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