BofA Agrees To Deeper Writedowns In $25B Mortgage Deal

Law360, New York (March 9, 2012, 7:45 PM EST) -- Bank of America Corp. has agreed to steeper principal reductions for troubled homeowners than were originally in the landmark $25 billion settlement with the nation's five largest mortgage servicers, which could see the bank avoid as much as $850 million in penalties, a bank representative confirmed Friday.

Details of Bank of America's additional commitment, which could help an additional 200,000 borrowers facing the possibility of losing their homes, is set to be part of the $25 billion settlement between the five major banks, the federal government...
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