BoA Finances 560,000 Low- and Mod-Income Mortgage Borrowers

Of the $87 billion in first mortgage loans Bank of America originated in the fourth quarter 2009, $23 billion were given to 151,000 low- and moderate- income customers, according to its Lending & Investing Initiative Report. For the full year of 2009, the Charlotte, N.C., based banking giant originated nearly $87 billion in mortgages to more than 561,000 low- and moderate- income borrowers. The bank also originated nearly $3 billion in home equity and reverse mortgage loans in the fourth quarter and $13 billion for the full year. On the loss mitigation side, BoA provided rate relief or agreed to modify terms for approximately 460,000 mortgage customers, compared to 230,000 in all of 2008 for itself and Countrywide (acquired during 2008) combined. The full year 2009 activities include performing 260,000 loan modifications with total unpaid principal balances of approximately $55 billion. Approximately 200,000 customers are in trial-period modifications under the government's Making Home Affordable Program at Dec. 31, 2009.