Bank of America 2015 Annual Report Download - page 171
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Bank of America 2015 169
The table below presents the December 31, 2015, 2014 and
2013 unpaid principal balance, carrying value, and average pre-
and post-modification interest rates on consumer real estate loans
that were modified in TDRs during 2015, 2014 and 2013, and net
charge-offs recorded during the period in which the modification
occurred. The following Consumer Real Estate portfolio segment
tables include loans that were initially classified as TDRs during
the period and also loans that had previously been classified as
TDRs and were modified again during the period. These TDRs are
primarily managed by LAS.
Consumer Real Estate – TDRs Entered into During 2015, 2014 and 2013 (1)
December 31, 2015 2015
(Dollars in millions)
Unpaid
Principal
Balance
Carrying
Value
Pre-
Modification
Interest Rate
Post-
Modification
Interest Rate (2)
Net
Charge-offs (3)
Residential mortgage $ 2,986 $ 2,655 4.98%4.43%$ 97
Home equity 1,019 775 3.54 3.17 84
Total $ 4,005 $ 3,430 4.61 4.11 $ 181
December 31, 2014 2014
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
(1) During 2015, 2014 and 2013, the Corporation forgave principal of $396 million, $53 million and $467 million, respectively, related to residential mortgage loans in connection with TDRs.
(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, 2015, 2014 and 2013 due to sales and other dispositions.