Monday, October 6, 2008
This is going to provide a tremendous amount of relief
Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. has agreed to modify tens of thousands of loans to keep people in 11 states from losing their homes, the Illinois attorney general's office said Sunday. Borrowers stuck with mortgages they can't afford could see their interest rates reduced or have the loan principal cut. Some might qualify for having to pay nothing but interest for a decade. Even people who can't afford to keep their homes with such changes will be able to get help moving to a new home.