Bank of America set to write down principal on California mortgages

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Bank of America calls their version the "Affordable Loan Solution" But it’s unique in that it’s backed by nonprofit Self-Help Ventures Fund; In what is looking a lot like a jab at the FHA, Bank of America is set to launch a 3% down payment mortgage nationwide with the help of Freddie Mac and nonprofit Self-Help Ventures Fund.

I made it clear to him we were not going to be doing that in the Senate,’ McConnell said of health care, stressing the challenges of writing legislation that could. asked a federal court to strike.

“When you look at consumer debt and what happens to consumers in America. “I set out the prove [the people filing for bankruptcy] were all a bunch of cheaters,” she recounted in 2007 in an.

Bank of America to write down mortgages under Hardest Hit Fund. Bank of America (BAC) sent letters to Arizona homeowners who may qualify for mortgage assistance, including a principal writedown, under the Treasury Department ‘s Hardest Hit Fund. In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding.

Foreclosure Relief for Homeowners With Ocwen Mortgages.. ocwen offered write-down loan modifications to eligible borrowers. (A "write-down" loan modification reduces the principal balance on the loan. A lower principal balance results in lower monthly payments.). Bank of America, Citi,

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In the first quarter of 2008, 36 percent of all foreclosures initiated were on prime adjustable-rate mortgages in California. after the North Carolina-based bank suffered a string of losses. Next.

 · It seems that Wells and JP Morgan are happy to do principal reductions only on the mortgages they bought at a discount from Wells Fargo and WaMu respectively; Bank of America, meanwhile, which inherited a bunch of these loans when it acquired Countrywide, is not doing principal reductions, and I don’t think it’s a coincidence that the.