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BofA Begins Contacting Distressed Homeowners About Principal Cuts
latimes.com 2 weeks, 6 days agoAs part of a foreclosure-abuse settlement, the bank has started notifying about 200,000 borrowers that they may qualify for reductions of as much as $100,000 on their mortgage balances.It's not quite a check in the mail, but certain distressed mortgage borrowers at Bank of America Corp. will be happy they opened the letter anyhow.
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Insight: Ally's Mortgage Unit Problems Come Full Circle
yahoo.com 3 weeks, 1 day agoNEW YORK/CHARLOTTE, North Carolina (Reuters) - In the fall of 2009, the board of GMAC, one of the largest U.S. auto and home-loan companies, gathered in New York to discuss whether to put its troubled mortgage unit into bankruptcy. GMAC, now called Ally Financial, was just about to receive the last of $17 billion in taxpayer bailouts. The board, including directors named by the U.S. government, discussed whether to use bankruptcy to get rid of toxic mortgage assets that were pulling down the rest of the com
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