Obama's new mortgage plan contents Bank of America

On Wednesday, February 18, Bank of America posted a new entry where the company expressed its content and rapture with the Obama administration's Homeowner Affordability and Stability Plan. The plan focuses on assisting homeowners with their mortgage payments through refinancing and a loan modification program.

“We support the administration's focus on affordability in the loan modification and refinance processes in order to achieve long-term mortgage sustainability for homeowners," said Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. "Bank of America is committed to helping our customers sustain homeownership.”

As it is known last week Bank of America imposed a moratorium on foreclosure sales. According to Desoer moratorium will be extended until eligibility details for the Homeowner Affordability and Stability Plan are released. The moratorium covers first mortgage loans owned and serviced by Bank of America, Countrywide and subsidiaries of Merrill Lynch, as well as those owned by investors who have agreed to the terms of the moratorium.

“The administration's focus is consistent with the approach we have successfully been using with our customers, which has led to more than 230,000 loan modifications for our customers in 2008, and another 39,000 customers in January alone," said Desoer. "We look forward to continuing to work with the Obama administration in the development of detailed guidelines for the modification and refinance plans to ensure success of the Homeowner Affordability and Stability Plan.”