Bank of America Says U.S. Home Loan Modifications Top 160,000

Bank of America Corp., the largest U.S. bank by assets and deposits, said it has modified loan terms for more than 160,000 borrowers in a U.S. program as the government presses lenders to curb foreclosures.

The number of borrowers in trials under the Obama administration’s Home Affordable Modification Program climbed from 136,994 on Oct. 31, the bank said today in a statement. The Treasury Department last week said lenders that took U.S. aid and aren’t doing enough to ease mortgage payments under the program may be sanctioned or fined.

Full story is available on Bloomberg

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