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BofA signs up for HAMP Second Lien Program

By Anonymous

From BofA: Bank of America Becomes First Mortgage Servicer to Sign Contract for Home Affordable Second-Lien Modification Program

Bank of America announced that it is the first mortgage servicer to sign an agreement formally committing to participation in the pending second-lien component of the federal government's Home Affordable Modification Program (HAMP)
...
Bank of America has systems in place to begin implementing the Second Lien Modification Program (2MP) with the release of final program policies and guidelines by federal regulatory agencies, which is expected soon. 2MP will require modifications that reduce the monthly payments on qualifying home equity loans and lines of credit under certain conditions, including completion of a HAMP modification on the first mortgage on the property.

And more from HousingWire: BofA Signs up as First Servicer for HAMP Second Lien Program

This program was announced in April 2009, and is still in process. Here are the guidelines for the HAMP 2nd lien program. I don't have high hopes for this program.

Full post as published by Calculated Risk on January 26, 2010 (boomark / email).