Bank of America Still Seeking Ken Lewis Replacement; Are Home Loan Modifications Suffering As A Result?

12/16/2009
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Bank of America is looking for a CEO to replace Ken Lewis as the bank has struggled in many ways over the previous months, needed a bailout, and has now lost its CEO, which many believe is a plus, but the biggest problem with Bank of America seems to be the trouble many are having with their home loan mortgage modification program. So, are the current difficulties with the modification program the result of these changes in the top administration or is it something more?

From reports on Bank of America’s home loan mortgage modification program up to November, Bank of America has only made 98 permanent home loan mortgage modifications and as far as current modification trials, combined with permanent modifications, Bank of America has only helped about 15% of those who qualified for a mortgage modification.

Is this a case of trouble within the bank or trouble with the home loan mortgage modification program? CEO Ken Lewis is on his way out and seemingly has done little in the past to help those in need of loan modifications since, again, they have such low numbers of home loan modifications when they have the most homeowners eligible out of any other major lender listed in a report on financialstability.gov.

Are Bank of America employees, or even Ken Lewis, simply thrown by the massive amounts of homeowners who need a home loan modification or does Bank of America simply care little about the modification program?

The modification process is difficult and not all employees who work for Bank of America and are assigned to the loan modification program can be blamed for the complexity and confusion many homeowners are citing since, again, there is great demand for modifications.

However, accounts in the news, media, and even comments here at rwbpress.com indicate that countless people are struggling with Bank of America in the home loan modification program and with the data showing that out of a little over one million homeowners who may qualify for modifications, Bank of America has only 98 permanent modifications in the works and 156,864 trial modifications ongoing presently.

Hopefully, news will be given soon as to why these numbers are so low and why so many are struggling in getting a home loan modification from Bank of America.

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