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BofA moves on principal reduction promised in AG settlement

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As part of the $26 billion foreclosure settlement, Bank of America will slash mortgage balances for about 200,000 borrowers by an average of $100,000 or more.. principal reduction was expected.

In addition to principal reduction, BoA will receive credit toward the settlement amount by forgiving mortgage payments, allowing for delayed payments, or extinguishing some second liens and other debts. Who actually gets this help, though, is up to BoA. "Bank of America still gets to make all the final calls," Leonard explains.

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Why mortgage principal reduction isn't happening – Reuters – For all these reasons, I suspect that BofA’s move into the world of principal reduction will remain very small-scale, and that insofar as the practice takes off, it will do so only among hedge funds and others who have bought mortgages on the secondary market. At least unless and until Treasury modifies its modification principles.

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"We believe that Bank of America gamed the system, perpetrating a fraud on both its customers and American taxpayers,"said Steve Berman, managing partner of Hagens Berman and one of the attorneys who filed the lawsuit. "BofA promised that it would work with homeowners to modify their mortgages under the HAMP program.

Foreclosure starts reach lowest level since 2005 Foreclosure starts at record low in first half of 2016. A total of 253,408 U.S. properties started the foreclosure process in the first half of 2016, down 17 percent from a year ago the lowest level for any half-year period since realtytrac began tracking foreclosure starts in 2006.

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