Bank of America, Chicago's Largest Forecloser
A report recently issued by National People's Action indicates that Bank of America, which acquired Countrywide when it failed, is now the largest mortgage loan servicer in the United States. On a national level, Bank of America owns over 14 million residential mortgages that are worth $2.159 Trillion.
In Chicago alone, Bank of America was responsible for almost one in five of the 23,000 new foreclosure filings in 2009. It is likely that a good number of these mortgages were eligible for the Making Home Affordable program -- over a million of BoA's delinquent loans were eligible. Unfortunately, only 5.8% of those loans were offered a permanent modification. For those who don't like to do math, that's 62,969 permanent mods out of 1,086,894 eligible homeowners.
The National People's Action report has a wealth of information. You can find it here. We will be adding more posts on this subject in the next two weeks, check back often and learn just how deep the rabbit hole goes.
