Bank Of America Will Forgive Some Mortgage Debt For Struggling Homeowners

bank of america smallBank of America will begin forgiving a portion of mortgage debt for some homeowners facing foreclosure, a report in the New York Times said. The bank would pick people through invitation only, and the maximum reduction would be 30 percent of the value of the loan, according to the report. The program comes as the White House, members of Congress and community groups are urging banks to deal with Americans facing financial hardship, the report said. Star Ledger

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2 COMMENTS

  1. wow i wish i was like most homeowners who bought a house too big and too expensive for them to afford with interest only and balloon payments. imaging having the bank forgive 30% of the loan despite the stupidity of the home buyer… ahh yet another handout to keep things flowing..

  2. This is totally crazy a guy who pays every month never missed a payment, and is losing tons on the fact that the payments are more then the house is worth, but never miss a payment, played by the rules all ways gets screwed. This is crazy!

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