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 BofA Forgiving $3B in Mortgage Debt

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BofA Forgiving $3B in Mortgage Debt Vide
PostSubject: BofA Forgiving $3B in Mortgage Debt   BofA Forgiving $3B in Mortgage Debt Icon_minitimeThu Mar 25, 2010 6:05 am
Bank of America is offering to slash mortgage-loan balances by up to 30% for thousands of delinquent borrowers who owe more than their homes are worth. The plan—part of an agreement to settle a lending-abuse suit—is one of the most ambitious moves yet to ease the foreclosure crisis, and is expected to serve as a model for other lenders, the Wall Street Journal reports.

The offer to erase principal debt will be made to some 45,000 adjustable-mortage holders nationwide. Holders of "underwater mortgages" have been highly reluctant to accept loan modifications that don't involve principal reduction, said a bank official. "The whole purpose of the program is to get more customers to return phone calls," she added.

This is a strong signal to the industry about the importance of principal reduction in a loan modification program. - Paul Leonard, California director of the Center for Responsible Lending

http://online.wsj.com/article/SB10001424052748703312504575141763259183050.html
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