SACRAMENTO--Bank of America Home Loans, CitiMortgage and Carrington Mortgage Services are among the first seven lenders and loan servicers granted immunity from the state's foreclosure prevention act launched this week in California. The new law makes lenders prove to the state that they have a comprehensive loan-modification program that helps borrowers stay in their homes. Those that can't prove it to the state's satisfaction must wait an extra 90 days before foreclosing on borrowers.
... Bank of America Home Loans spokesman Rick Simon said Friday the Charlotte bank's adherence to federal Making Home Affordable guidelines provided it the exemption from 90-day delays in foreclosing in California.
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