NEW YORK -- Bank of America says it plans to provide mortgage relief to about 200,000 homeowners whose home values have fallen below what they owe on their mortgages.
Bank of America would reduce the amount owed by the homeowners by as much as $100,000 in some cases. Only mortgages that are currently owned by Bank of America would qualify and those that are owned by government entities Fannie Mae and Freddie Mac, or backed by the Federal Housing Administration will not be eligible.
The details of Bank of America's and other mortgage lenders' plans to help homeowners are part of the recent settlement between major lenders and 49 states, and are contained in court documents that are expected to be filed Friday.
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