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Bank of America Begins Mortgage Reworks

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  • Description

    FBN's Liz MacDonald on who qualifies for Bank of America's loan reduction offers.

  • Duration 1:48
  • Date

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All right Bank of America will Begin reworking terms -- severely underwater mortgages.

As part of a 25 billion dollar mortgage fraud settlement.

But who will qualify it was that -- -- had the date.

Yet not everyone will qualify the question for -- bar is is -- -- like -- -- no combat.

Good is gonna be about an average 150000.

Dollar reduction and in your principal if you're one of the 200000 gets picked.

But again you have to -- -- here -- the terms take a look at what Bank of America is -- -- 200000.

People that you'd better have basically.

-- of mortgage that is all by Bank of America cannot be Fannie Mae or Freddie Mac owned or serviced.

He got -- more new mortgage and a house is worth meaning you really have to be underwater.

Meaning these of the sub prime or liar loan borrowers.

You gotta be at least two months later and your payments and your mortgage payment has that we 25% more than your household income in the name of the -- -- right now -- Is to drive down those principal values to get this 100%.

Other value of the home that shows you where we were in this bubble -- if they're gonna down.

It's coming down to a 100% of the -- you.

But again because it's only Bank of America loans involved here and not Freddie may not Freddie Mac clones it's a very circumscribed pool -- borrowers not everybody is gonna get help here.

And that's what we've got market expert anti insurance weighing in on Bank of America's stock today and that a big sell off and take a listen to what market pro and -- access to say about BankAmerica stock.

I but I think BankAmerica you're long long term holder.

Is something that's worth owning.

So that's -- name of the game what will it mean for Bank of America stock.

Not a lot what let me for the bar is here to qualify a heck of a lot but not everyone will -- back -- you -- I mean does a great story the volume very close in Lizzy thank you.

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