Bank of America says it applauds the Obama administration's Homeowner Affordability and Stability Plan focused on assisting homeowners with their mortgage payments through refinancing and a loan modification program.
The company previously announced a moratorium on foreclosure sales. This moratorium will be extended until eligibility details for the Homeowner Affordability and Stability Plan are released, says Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services Bank.
Wells Fargo Home Mortgage has also expressed support for Obama's plan and has instituted a similar moratorium extension.
‘To give at-risk customers time to explore the new solutions in the administration's plan with us for loans Wells Fargo owns, we will not proceed with home foreclosure sales until at least March 13, 2009,’ says Mike Heid, Wells Fargo Home Mortgage co-president. ‘For those loans we service for other investors, we also will not proceed with home foreclosure sales until such date that our investors will allow. These decisions will require more discussions with some investors.’
SOURCES: Bank of America, Wells Fargo