Bank of America to Reduce Principal For 200,000 Underwater Homeowners
First some good news, if you’ve got an underwater mortgage owned by Bank of America.
BofA has come to a separate agreement with the US government to to help reduce some the fines it owes to the Housing and Urban Development Agency from last month’s huge settlement.
Bank of America has agreed to cut the principal of more than 200,000 underwater loans, and they are cutting them by an even larger amount than the other 4 banks. In exchange they’ll owe about $850 million less in fines.