Bank of America set to write down principal on California mortgages

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 · Some of the relief the bank will provide involves cutting the principal of a loan to make it easier for the borrower to pay. The dollar amount of that reduction gets credited toward what it needs to fulfill the settlement. But Bank of America wrote down many of its troubled mortgages years ago.

Banks such as M&T Bank, Quontic Bank, Magnolia Bank and Resolute Bank, among many others, continue to offer reverse mortgages. While prospective borrowers are not able to place a reverse mortgage application through a Bank of America retail branch today, loan originators who work for BofA may be able to refer customers to trusted reverse.

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Senator Kamala Harris, a Democrat from California and 2020. for years as an example of her record of taking on powerful interests. Harris is referring to the national mortgage settlement, a massive deal made with Bank of America, a toothless settlement with a sufficient penalty for criminal fraud sets a.

The Bank of America mortgage settlement fiasco The Bank of America mortgage settlement fiasco. angelo Mozilo, former CEO of Countrywide Financial, has just agreed to pay $67.5 million SEC fine.

To comply with the settlement, Bank of America set up the Countrywide National Homeownership Retention Program as a vehicle for providing relief. And the deal appeared, at first, to provide it.

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Bank of America to write down mortgages under Hardest Hit Fund. Bank of America (BAC) sent letters to Arizona homeowners who may qualify for mortgage assistance, including a principal writedown, under the Treasury Department ‘s Hardest Hit Fund. In June 2010, the Obama administration released $1.5 billion in foreclosure prevention funding.