BofA Tests Foreclosure Rental Program

Law360, New York (March 23, 2012, 6:25 PM EDT) -- Bank of America Corp. has launched a pilot program in New York, Nevada and Arizona that would allow homeowners facing foreclosure to rent their homes from the bank for up to three years at or below the market rate, the bank announced late Thursday.

Billed as a way to help homeowners transition out of their homes through a landlord-tenant relationship with the bank, the plan will be offered to about 1,000 underwater customers who have been delinquent for more than 60 days. The participants will transfer...
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