BofA moves on principal reduction promised in AG settlement

According to a press release, Bank of America is set to start rolling out a principal forgiveness program as per the terms of the recent, horrible, mortgage settlement. From the press release: "Bank of America Home Loans has begun reaching out to customers who may be eligible for forgiveness of.

For Thousands of Homeowners Behind on BofA Mortgages, Relief May Be in the Mail. Their combined monthly payment, including insurance, taxes and any homeowner association fees, along with mortgage principal and interest, must total more than 25% of their gross household income. For the reductions to be permanent, homeowners have to make three on-time payments after their modifications are completed.

A federal appellate panel reinstated the private antitrust lawsuits against 16 banks, including big ones such as JPMorgan Chase & Co. JPM, BofA, Deutsche Bank AG DB, Citigroup Inc. Also, the.

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Four months ago, Attorney General Kamala Harriswalked away from a. Other " enforceable guarantees" call on the five banks involved in the settlement – Wells Fargo, Bank of America, the settlement, banks failing to enact agreed-upon principal reductions. "Countrywide got relief based on a promise.

NMS FAVESExecutives at Bank of America admit that, as they begin mailing 200000 letters offering certain customers mortgage principal reduction.. It is all part of the billion settlement reached this year between federal and state.

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