BofA is 1st to service 2nds

[Jennifer Griner]

Bank of America announced Tuesday (01/26) that it is the first mortgage servicer to sign an agreement formally committing to participate in the second-lien component of the Home Affordable Modification Program (HAMP).

The news follows a “verbal commitment” to the program made by CEO, Brian Moynihan made during a meeting with Treasury Secretary, Timothy F. Geithner earlier this month, the company said in a statement.

The Charlotte, North Carolina-based bank says it has systems in place to begin implementing the administration’s Second Lien Modification Program as soon as the Treasury releases final program policies and guidelines. Federal officials first introduced 2MP last April, but since then most market observers have labeled the program as “on hold.”

The Treasury has estimated that up to...


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