Bank of America Puts Short Sales Ahead of REO
Bank of America Puts Short Sales Ahead of REO
by JON PRIOR
Tuesday, June 8th, 2010, 5:04 pm
Bank of America, one of the largest lenders in the U.S., has instituted a policy of liquidating as many assets saddled with defaulted loans as possible before repossession, said Matt Vernon, the short sale and REO executive at BofA. Vernon took the position at BofA in February. He has since announced plans to add 1,000 employees to the short sale staff. BofA currently holds more than 477,000 loans eligible for the Home Affordable Modification Program (HAMP), and has provided more than 600,000 modifications through HAMP and its own programs… (To continue reading click here)
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