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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Bank of America Takes the Longest to Answer the Phones


The Treasury Department reported that Bank of America has the longest wait time to answer the phone when it comes to distress homeowners. It was also reported that BOA  had completed the least amount of loan modifications through the HAMP Program. BOA is also being sued by Nevada and Arizona's attorney general due to homeowners being given incorrect information in regards to loan modifications. However, BofA spokesman stated that their response time has increased  to about 40 seconds, they have completed 93,500 permanent loan modifications, the most in the industry, and that they are going to have 30,000 employees helping all these distressed home loans.