Bank of America holds a 14% market share of New Mexico mortgages and could take action that would help many of our residents.New Mexico Business Weekly
Bank of America, downtown Albuquerque
Bank of America Corp.
could reduce the loan balances of some distressed mortgage customers in return for protection from future litigation relating to mortgage servicing, The Wall Street Journal reports.
BofA (NYSE: BAC) is the second-largest bank in New Mexico with more than 14 percent of market share, according to the Federal Deposit Insurance Corp.
BofA has made the overture to state and federal officials who are seeking a multibillion-dollar deal from the country’s biggest banks to make up for foreclosure errors. Many states are still suffering from a struggling housing market in the U.S. with high levels of foreclosures and underwater mortgages.
