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BofA to start reducing mortgage principal - washingtonpost.com
Reblogged from sunsmudge
Bank of America, the nation’s largest mortgage lender, announced a program Wednesday to offer homeowners who owe significantly more than their homes are worth the opportunity to have their loan balances reduced.
The program, which starts in May, would potentially help about 45,000 homeowners across the country. In launching the effort, Bank of America is jumping into the debate about how to address the millions of homeowners whose mortgages exceed the value of their homes and who have complicated industry and government efforts to prevent foreclosures.
