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.
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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.
