Bank of America Mortgage Modification Program for Military Customers

Bank of America Corp this week announced a mortgage modification program for military customers, which will include principal forgiveness for some struggling borrowers

Bank of America

More details from the Bank of America – quote – The Charlotte bank said the program assists military members who are leaving active duty and having trouble making their mortgage payments. – more – At an investor conference this week, Terry Laughlin, the Bank of America executive in charge of distressed loans, said principal reduction was no “panacea” because borrowers without sufficient income still can’t make payments. Chief Executive Brian Moynihan also painted it as a fairness issue, saying “when you start helping certain people and don’t help other people, it’s going to be very hard to explain the difference.”

β€˜It will be interesting to see if this process is actually rolled out to help military customers!’

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