Bank of America Will Cut Loan Principal for Some Customers
Bank of America announced on March 25, 2010 that it will implement a principal forgiveness program to modify underwater loans. Bank of America is specifically targeting certain, subprime and adjustable-rate mortgages (ARMs) qualifying for its National Homeownership Retention Program (NHRP), Pay-Option ARMs, and prime two-year hybrid ARMs. The program is limited to Bank of […]