"Bank of America has started sending letters to thousands of homeowners in the United States, offering to forgive a portion of the principal balance on their mortgages by an average of $150,000 each.
The reduction for qualifying homeowners could amount to monthly savings of up to 35 percent on mortgage payments, Bank of America said in a news release on Monday evening.
The principal reduction offers from Bank of America Home Loans are the result of a $25 billion settlement agreement earlier this year with 49 state attorneys general as well as federal authorities who had been investigating allegations of abuses over the handling of foreclosures......."
WHAT kind of settlement is that??? The charges were that the foreclosures were improperly handled, NOT that the mortgages shouldn't have gone into the foreclosure stage.
Your taxpayer dollars paid BIG for these government paid attorneys/investigators to bring a "case"....but instead of the TAXPAYER being paid back - people that haven't paid their mortgage get 150K, on average???? Why wouldn't it be people that have PAID thier mortgage diligently?