Bank of America 2014 Annual Report Download - page 181

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Bank of America 2014 179
Home Loans – TDRs Entered into During 2014, 2013 and 2012 (1)
December 31, 2014 2014
(Dollars in millions)
Unpaid
Principal
Balance
Carrying
Value
Pre-
Modification
Interest Rate
Post-
Modification
Interest Rate (2)
Net
Charge-offs (3)
Residential mortgage $ 5,940 $ 5,120 5.28%4.93%$ 72
Home equity 863 592 4.00 3.33 99
Total $ 6,803 $ 5,712 5.12 4.73 $ 171
December 31, 2013 2013
Residential mortgage $ 11,233 $ 10,016 5.30% 4.27% $ 235
Home equity 878 521 5.29 3.92 192
Total $ 12,111 $ 10,537 5.30 4.24 $ 427
December 31, 2012 2012
Residential mortgage $ 15,088 $ 12,228 5.52% 4.70% $ 523
Home equity 1,721 858 5.22 4.39 716
Total $ 16,809 $ 13,086 5.49 4.66 $ 1,239
(1) TDRs entered into during 2014 include modifications with principal forgiveness of $53 million related to residential mortgage and $1 million related to home equity. TDRs entered into during 2013
include residential mortgage modifications with principal forgiveness of $467 million. TDRs entered into during 2012 include modifications with principal forgiveness of $778 million related to
residential mortgage and $9 million related to home equity.
(2) The post-modification interest rate reflects the interest rate applicable only to permanently completed modifications, which exclude loans that are in a trial modification period.
(3) Net charge-offs include amounts recorded on loans modified during the period that are no longer held by the Corporation at December 31, 2014, 2013 and 2012 due to sales and other dispositions.