Bank of America Begins Mortgage Refinancing Under U.S. Treasury-s -ËœMaking Home Affordable- Plan

Homeowners with little to no equity may now have an opportunity to refinance CALABASAS, California -- Bank of America, which services one out of five mortgages in the United States, announced today that it has begun processing its first wave of mortgage refinance applications under the U.S. Treasury Departments Making Home Affordable program. The initiative provides new refinance opportunities to homeowners who previously could not qualify. Combined with historically low interest rates, this program has generated significant interest from borrowers seeking the benefit of lower mortgage payments, said Barbara Desoer, president of Bank of America Mortgage, Home Equity and Insurance Services. We are proud to be one of the first lenders to take loans from application to closing under the Treasurys plan, providing the opportunity for more Americans to save money on their monthly mortgage payments and supporting efforts to stabilize the nations housing market. The U.S. Treasury plan allows homeowners with loans owned by Fannie Mae or Freddie Mac, who are current with their mortgage payments and whose home value is no more than 105% of the current mortgage, balance the opportunity to refinance their loans. Complete eligibility guidelines can be found at www.makinghomeaffordable.gov/refinance_eligibility.html. In its first wave, Bank of America will be able to serve the majority of eligible customers - homeowners whose mortgages are serviced by Bank of America or Countrywide and who do not have mortgage insurance on their current loans. Additional borrowers will be included as systems become operational. Eligible homeowners may benefit from refinancing under the plan because of historically low interest rates coupled with guidelines designed to provide increased flexibility: * Expanded guidelines for high loan-to-value loans; * No mortgage insurance required on loans that did not previously carry mortgage insurance; and * No required minimum credit score Potentially millions of Americans will benefit from the governments refinance and loan modification programs, said Desoer. In just one month since announcing this program, nearly 200,000 homeowners have contacted us to determine their eligibility for refinancing. Were pleased to begin offering the program now to the majority of eligible customers and we look forward to expanding the offering to others in the coming weeks. Bank of America is in the process of implementing the Treasury Departments Home Affordable Modification program for Bank of America and Countrywide customers. In the next two weeks, the company expects to begin offering trial modifications under the plan. Bank of America has extended its voluntary moratorium on foreclosure of loans that may be eligible for the Home Affordable Modification program until April 30, 2009. On April 27, 2009, the Bank of America and Countrywide mortgage brands will combine to become Bank of America Home Loans. Bank of America and Countrywide customers can call the following phone numbers for more information on refinancing and loan modification opportunities: Refinancing: Bank of America Customers 888-256-7683 Countrywide Customers 800-593-7798 Loan Modifications Bank of America Customers 800-285-6000 Countrywide Customers 800-669-6607