Bank of America Set to Begin Welcoming Former Taylor, Bean, Whitaker Customers

Transfer of Servicing of Ginnie Mae-Securitized Loans from TBW to BAC Home
Loans Servicing Completed

CALABASAS, Calif., Aug. 27 /PRNewswire/ -- Bank of America announced that it
has completed the transfer of the servicing of about 180,000 Ginnie
Mae-securitized mortgage accounts previously serviced by Taylor, Bean and
Whitaker (TBW) to its home loans servicing portfolio. Letters welcoming those
homeowners to Bank of America will be mailed this week and should arrive by
September 4.

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Recently, Ginnie Mae announced it was ending TBW's ability to continue to
service Ginnie Mae-securitized loans and that the loans serviced by TBW were
being transferred to BAC Home Loans Servicing, a Bank of America subsidiary
and the government corporation's master sub-servicer under a long-standing
agreement. These are government-guaranteed loans financed through FHA, VA, the
Department of Agriculture's Rural Development program, and the Office of
Public and Indian Housing. Bank of America will not become the new servicer of
all TBW-serviced loans. Homeowners with other types of loans serviced by TBW,
including loans securitized by Freddie Mac and Fannie Mae, should check for
further information at www.taylorbean.com.

"Bank of America Home Loans is pleased and fully prepared to welcome these
homeowners to the largest and one of the most advanced servicing platforms in
the mortgage industry," said Michael Keating, national servicing executive of
Bank of America. "We are striving to make this a smooth and efficient
transition and to begin offering former TBW customers the full range of our
world-class services as soon as possible."

Now that all loans have been boarded on the BAC Home Loans Servicing system,
each affected homeowner will receive a welcome letter confirming the transfer
and providing the new Bank of America mortgage account number.

In the meantime, Ginnie Mae advises former TBW customers with Ginnie
Mae-securitized loans to continue to make their regular payments, and send
them to:

BAC Home Loans Servicing
Payment Processing
P.O. Box 10334
Van Nuys, CA 91410-0334

Checks should be made payable to BAC Home Loans Servicing. No payment coupon
is required, but the TBW account number should be written on the check until
borrowers receive their new Bank of America loan number.

Customers who had been participating in TBW's automatic payment withdrawal
program will hear further from Bank of America regarding any pending August
payments, as well as ongoing participation in this process. Other convenient
electronic payment methods, including pay-by-phone and online payments, will
become available to former TBW customers for future transactions.

Bank of America assures homeowners that during this transition if TBW, rather
than BAC Home Loans Servicing, receives a payment in timely fashion, no late
fee or derogatory credit reporting will be imposed with respect to that
payment and the payment will not be treated as late for any other purpose.
This protection will remain in place through the October payment period.

If a customer was in the process of negotiating a repayment plan, loan
modification or other workout program with TBW or Sparta Special Servicing,
that information has been transferred to BAC Home Loans Servicing and a Bank
of America homeownership retention specialist will contact the homeowner to
resume those discussions. In the meantime, questions regarding workout options
on these accounts may be directed to FHA's National Servicing Center at
888.297.8685.

If homeowners have additional questions about the transfer of servicing of
Ginnie Mae loans from TBW to Bank of America, they may contact BAC Home Loans
Servicing at 800.669.6607 on weekdays between 5:00 a.m. and 6:00 p.m. PDT.

Bank of America
Bank of America is one of the world's largest financial institutions, serving
individual consumers, small- and middle-market businesses and large
corporations with a full range of banking, investing, asset management and
other financial and risk management products and services. The company
provides unmatched convenience in the United States, serving approximately 53
million consumer and small business relationships with more than 6,100 retail
banking offices, nearly 18,500 ATMs and award-winning online banking with 29
million active users. Bank of America is among the world's leading wealth
management companies and is a global leader in corporate and investment
banking and trading across a broad range of asset classes serving
corporations, governments, institutions and individuals around the world. Bank
of America offers industry-leading support to more than 4 million small
business owners through a suite of innovative, easy-to-use online products and
services. The company serves clients in more than 150 countries. Bank of
America Corporation stock (NYSE: BAC) is a component of the Dow Jones
Industrial Average and is listed on the New York Stock Exchange.
www.bankofamerica.com

SOURCE Bank of America

Rick Simon, Bank of America, +1-800-796-8448, rick.simon@bankofamerica.com