BofA Kicks Off Mortgage Write-Downs As Part Of $25B Pact

Law360, New York (May 8, 2012, 1:25 PM EDT) -- Bank of America Corp. has reached out to thousands of homeowners who may be forgiven a portion of their mortgage principal balance, the bank said Tuesday, as part of the $25 billion settlement the bank and other large mortgage servicers reached with federal and state authorities in February.

The first letters as part of a targeted outreach to 200,000 potential candidates for the reduction were mailed this week, and most will be mailed by the third quarter of this year, the bank said. The bank estimated...
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