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Published on Mar 16, 2012
A large portion of the $25 Billion Settlement between the 5 biggest mortgage servicers and the Justice Department/HUD/49 State AGs will go toward reducing the loan balance of many underwater borrowers. With 4 of the 5 banks only required to reduce principal on some loans to 120% loan-to-value, Bank of America was hit the hardest by having to reduce principal to market value. This means approximately 200,000 underwater borrowers with Bank of America loans will receive over $100,000 in a balance reduction.