Bank of America’s Principle Reductions – The Catch
I saw a lot of articles on this yesterday and I said to myself “I will believe it when I see it.” Again, I am not a pessimist but everything something is announced on helping the housing crisis it never ends up doing everything it was supposed to and quite frankly, it never even comes close.
Well yet again there is a catch to this. It is supposed to help around 45,000 borrowers but “Before you get your hopes up, keep this in mind: These 45,000 borrowers are a small subset of the bank’s customers. Principal forgiveness will be offered only to people who got certain kinds of loans from Countrywide Home Loans. Bank of America bought Countrywide in 2008.”