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Bank of America Wants You to Earn Principal Forgiveness

05 Apr

Bank of America announced a new strategy today to tackle the pesky underwater mortgages on its books, many acquired via its merger with Countrywide.
The so-called “earned principal forgiveness” initiative will target borrowers with subprime loans, option ARMs, and prime two-year hybrid ARMs.
For loans at least 60 days delinquent with current loan-to-value ratios of 120 percent [...]

 
 

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