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Bank of America to reduce mortgage principal for some borrowers

26 Mar
This story was sent to you by: Jonathan Chi

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Bank of America to reduce mortgage principal for some borrowers ——————–

The $3-billion program involves certain adjustable-rate loans issued by Countrywide Financial, the loss-plagued lender that BofA acquired in 2008.

By E. Scott Reckard

March 25 2010

Amid increasing government pressure to stem foreclosures, Bank of America Corp. said Wednesday that it would offer to erase as much as $3 billion in principal owed by thousands of severely delinquent borrowers who owe more than their homes are worth. The complete article can be viewed at:
http://www.latimes.com/business/la-fi-countrywide25-2010mar25,0,7081426.story Visit latimes.com at http://www.latimes.com

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Posted by on March 26, 2010 in Uncategorized

 

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