Foreclosure always the last option

Brian T. Moynihan

Howard J. Stoddard, the founder of Michigan National Bank, Bank of America’s predecessor in this community, once remarked, “The average man is honest. When you get a debt within the capacity of a man to pay, it is a sound debt.”

I believe this to be true — and it’s this belief that is driving our work to help address challenges many homeowners face. One of the most important thing bankers can do to help drive economic recovery is to help financially distressed homeowners keep their homes when possible; and to help build a better, more stable mortgage industry for the future.

We are making progress. U.S. banks have completed about 4 million mortgage modifications since 2008 to help customers keep their homes. More than 750,000 of those are Bank of America’s.

We have opened regional customer assistance centers here and around the country, and hosted outreach events with local nonprofits that specialize in foreclosure avoidance.

Every day, our mortgage servicing employees talk with tens of thousands of distressed customers, with the goal of helping them stay in their homes, if possible. Unfortunately, the only path left for some is foreclosure — the worst outcome for the customer and the bank.


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