Bank of America's Principal reduciton program underway

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Bank of America's Principal Reduction Program Is Underway

Bank of America said Wednesday that its new mortgage program for certain underwater borrowers, which incorporates an earned principal forgiveness approach into the loan modification equation, has been implemented on schedule. The bank has already mailed out an initial round of letters notifying customers who may qualify. Upon review of these applications, the first trial offers for BofA's principal forgiveness program could find their way to distressed borrowers as early as the second half of June.
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