Bank of America set to write down principal on California mortgages

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Give borrowers incentives. If the fear is that principal reductions will set off a flurry of unpaid mortgages, then it probably makes sense to give borrowers incentives to actually pay down their loans. In an interview with Fortune, former fhfa director james lockhart said the agency should move forward with at least a test plan.

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Bank of America has begun writing down principal on the mortgages of some troubled borrowers in California through a state program intended to help people facing foreclosure. The bank has signed on to the principal reduction component of the Keep Your Home California program, which uses federal funds reserved for the 2008 rescue of the financial system to help homeowners behind on their mortgages.

Bank of America will begin a new pilot program in the next few weeks, allowing some California homeowners to receive a principal writedown on their mortgage. The program will be funded from the $699.6 million the California housing finance agency received fromtreasury Department’s Hardest Hit Fund last year. A spokesperson for the CalHFA said there is no set amount of loans BofA is targeting, but the bank will be soliciting eligible homeowners soon.

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Bank of America to Write Off Principal on Some Mortgages Bank of America (BofA) will forgive up to 30 percent of the balance owed on certain at-risk mortgages as part of its loan modification efforts to assist homeowners in avoiding foreclosure, the bank has announced.

Since the Countrywide purchase was announced in January 2008, Bank of America’s shares are down more than 60 percent, compared with a 37 percent rise in the S&P 500 index, a broad measure of stocks.

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,

Banks such as M&T Bank, Quontic Bank, Magnolia Bank and Resolute Bank, among many others, continue to offer reverse mortgages. While prospective borrowers are not able to place a reverse mortgage application through a Bank of America retail branch today, loan originators who work for BofA may be able to refer customers to trusted reverse.

Rising mortgage rates spur first-time homebuyer activity in November Home values are rising slowly in communities. the effort sent mortgage rates down to historically low levels. President Obama in 2009 signed legislation establishing a tax credit for first-time.