FINANCIAL SERVICES

BofA lags on implementing foreclosure changes

BLOOMBERG FILE PHOTO/JIN LEE
BANK of AMERICA Corp., which is responsible for the largest share of a $25 billion foreclosure settlement reached earlier this year, has extended only $2.8 billion so far.
Posted 8/30/12

BOSTON – Bank of America Corp. has been lagging in carrying out changes required by a $25 billion foreclosure settlement, the Boston Business Journal reported.

Bank of America – the country’s second largest bank – is responsible for the largest share of the $25 billion settlement reached earlier this year, but has only extended $2.8 billion.

According to the news source, through June, Bank of America offered roughly $2 billion in loan forgiveness and made about $800 million in loan-balance cuts in trial modifications for 18,000 borrowers.

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