(editor’s note – I inputted this before noon and forgot to press send!)
Bank of America’s announcement (link here):
Bank of America will on Wednesday announce plans to start forgiving mortgage loan principal for troubled homeowners who owe more than 120 percent of their home’s value or are battling ever-expanding “negative amortization” loans.
They’re going to knock off the neg-am portions that they have no hope of ever getting anyway? Not much of a concession or benefit there for anyone.