B of A Completes 4,100 Perm HAMP Mods in Month

Bank of America said it completed nearly 4,100 permanent HAMP modifications in July, bringing the total number of B of A customers that have received modifications under the government program to 76,300.

The report notes the nation's largest servicer also has completed 100,000 proprietary loan modifications this year, in addition to its effort under the Home Affordable Modification Program.

"When a customer is found to be ineligible for HAMP or falls out of a trial modification, we consider an alternative home retention program," said Rebecca Mairone, Bank of America's national default servicing executive.

The Treasury Department is expected to release its monthly HAMP performance report for July soon.

But B of A's results points to a slowdown in the HAMP initiative.

The bank completed a record 23,500 HAMP modifications in April. Since then, the results have been less impressive. Bank of America completed about 6,500 permanent HAMP mods in May and 9,260 in June.