Bank of America Holds $64B of Delinquent Mortgages
Bloomberg reported that Bank of America has amassed $64 billion of mortgages that are at least six months delinquent and have yet to enter foreclosure, more than twice the amount held by its four largest competitors combined.
Bloomberg said Bank of America’s portfolio of loans that are at least six months old and not in foreclosure accounts for 3.3% of all of the mortgages it services. Bloomberg notes that Citigroup has 1.1% of its loans in that category and Ally Financial, Wells Fargo and JPMorgan Chase each have less than 1%.
To read the Bloomberg story, click here.