BofA to slash mortgage balances by $100,000 or more |
| CNNMoney - Mar 9, 2012 |
Bank of America will significantly slash mortgage balances for as many as 200,000 borrowers.
As part of the $26 billion settlement reached between the five major mortgage servicers, the federal government and the attorneys general of 49 states and District of Columbia last month, Bank of America (BAC, Fortune 500) customers who qualify could see their mortgages reduced by an average of $100,000 or more, according to bank spokesman Rick Simon.
Those principal reductions are much deeper than the ones originally announced as part of the robo-signing settlement deal.
When the settlement was first announced, the average principal reduction was expected to reduce mortgage balances by an average of about $20,000. Among the five biggest lenders, the reductions are expected to help roughly 1 million homeowners who owe more on their homes than they are worth.
Read Full Article from CNNMoney
- Posted: 2012-03-09 15:53:40
| More Stock Investor Place Company News |
 |
|
|
|
| Stock Investor Place Company News Archive |
|
|
|
