Wednesday, May 9, 2012
Bank of America
Bank of America is putting itself back in the spot light as the good guy by allegedly getting ready to modify 200,000 loans with principal reductions. They say they are sending out letters that will offer this to homeowners that qualify (once again a very small box). What I wonder is who will receive these letters and what the terms will be. BofA is making this gesture in an attempt at compliance with the 25 billion settlement with the federal government; but what percentage will actually be honored? I highly doubt there is any type of regulatory body that makes sure any percent is actually honored.