Bank of America 2014 Annual Report Download - page 182

180 Bank of America 2014
The table below presents the December 31, 2014, 2013 and 2012 carrying value for home loans that were modified in a TDR
during 2014, 2013 and 2012, by type of modification.
Home Loans – Modification Programs
TDRs Entered into During 2014
(Dollars in millions)
Residential
Mortgage
Home
Equity
Total Carrying
Value
Modifications under government programs
Contractual interest rate reduction $643 $56 $ 699
Principal and/or interest forbearance 16 18 34
Other modifications (1) 98 1 99
Total modifications under government programs 757 75 832
Modifications under proprietary programs
Contractual interest rate reduction 244 22 266
Capitalization of past due amounts 71 2 73
Principal and/or interest forbearance 66 75 141
Other modifications (1) 40 47 87
Total modifications under proprietary programs 421 146 567
Trial modifications 3,421 182 3,603
Loans discharged in Chapter 7 bankruptcy (2) 521 189 710
Total modifications $ 5,120 $ 592 $ 5,712
TDRs Entered into During 2013
Modifications under government programs
Contractual interest rate reduction $ 1,815 $ 48 $ 1,863
Principal and/or interest forbearance 35 24 59
Other modifications (1) 100 — 100
Total modifications under government programs 1,950 72 2,022
Modifications under proprietary programs
Contractual interest rate reduction 2,799 40 2,839
Capitalization of past due amounts 132 2 134
Principal and/or interest forbearance 469 17 486
Other modifications (1) 105 25 130
Total modifications under proprietary programs 3,505 84 3,589
Trial modifications 3,410 87 3,497
Loans discharged in Chapter 7 bankruptcy (2) 1,151 278 1,429
Total modifications $ 10,016 $ 521 $ 10,537
TDRs Entered into During 2012
Modifications under government programs
Contractual interest rate reduction $ 642 $ 78 $ 720
Principal and/or interest forbearance 51 31 82
Other modifications (1) 37 1 38
Total modifications under government programs 730 110 840
Modifications under proprietary programs
Contractual interest rate reduction 3,350 44 3,394
Capitalization of past due amounts 144 — 144
Principal and/or interest forbearance 424 16 440
Other modifications (1) 97 21 118
Total modifications under proprietary programs 4,015 81 4,096
Trial modifications 4,547 69 4,616
Loans discharged in Chapter 7 bankruptcy (2) 2,936 598 3,534
Total modifications $ 12,228 $ 858 $ 13,086
(1) Includes other modifications such as term or payment extensions and repayment plans.
(2) Includes loans discharged in Chapter 7 bankruptcy with no change in repayment terms that are classified as TDRs.