Bank Of America To Offer Further Principal Reductions

11077_scissors2 Bank Of America To Offer Further Principal Reductions Bank of America is preparing to offer approximately 200,000 homeowners principal mortgage reductions that are deeper than those negotiated in the Feb. 9 foreclosure settlement.

The New York Times reports that the Charlotte, N.C.-headquartered bank's reductions could total more than $100,000 per homeowner. Bank of America's reductions are expected to be deeper than those being offered by the other banks that were part of the $25 billion settlement.

Furthermore, Bank of America is expected to issue a temporary freeze on foreclosure sales of homes that would be covered by the settlement. The details of the bank's actions are expected to be in court documents that are part of the settlement, which has yet to be publicly detailed.

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