Bank of America's top mortgage executive, testifying Tuesday before Congress, will release sobering details of home-loan delinquencies, including that "hundreds of thousands of customers" haven't made a payment in more than a year.
Barbara Desoer, president of the home loans unit, will update the Charlotte bank's progress in mortgage modifications. She will offer suggestions for improving the federal modification effort and explain programs the bank is developing, including more help for unemployed and poor borrowers.
She also will stress the need for options for people who simply can no longer afford their homes.
Desoer, who reports to Chief Executive Brian Moynihan, will testify before the House Financial Services Committee, which is looking at the effectiveness of the Home Affordable Modification Program, called HAMP.
That's the centerpiece of the nation's $75 billion foreclosure-prevention effort, which has been plagued by poor service and has struggled to help millions who have been out of work for a long time.
The hearing comes as the U.S. housing market and job growth remain weak. Foreclosures continue to bleed the economy, further depressing home values and leading to more foreclosures.
Perhaps one of the most telling signs: The bank is fielding more than 125,000 calls a day from people seeking mortgage help.
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