Bank of America Corporation (NYSE:BAC) has lagged in modifying loans under its new settlement.

Bank of America Loan Modifications Begin Slowly

According to reports, Bank of America Corporation (NYSE:BAC) has been lagging in carrying out changes required by a $25 billion foreclosure settlement the bank and four other banks had with the U.S. government in March.

Bank of America Corporation (NYSE:BAC) did not modify any first-lien mortgages to reduce the amount of money the borrower owes, and it did not complete any refinancings by June 30.

Dan Frahm, Bank of America Corporation (NYSE:BAC) Spokesman said that, “the bank has made significant progress since June 30” and called the report an “early snapshot.”

Bank of America Corp. (NYSE:BAC) stocks are currently standing at 8.00.

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