Sunday, January 8, 2012
Mortgage Principal Reductions to be Tested in Massachusetts
I learned of interesting news out of Massachusetts this morning from a post on Credit Slips by Jean Braucher. �A nonprofit organization, Boston Community Capital (BCC), has developed a pilot program that would effectively write down the mortgage principal of underwater homeowners to market value. The program, Stabilizing Urban Neighborhoods, “helps individuals going through foreclosure [...]
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