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March 09, 2012 at 13:12 PM EST
Bank Of America Cutting Mortgages To Ease Penalties
Bank of America (BAC) will offer deeper and broader cuts to borrowers with underwater mortgages in a deal that shaves $850 million off penalties it owes from last month's mortgage settlement. The bank said it would knock an average $100,000 off the principal of as many as 200,000 loans for borrowers who owe more than their homes are now worth. Bank of America was one of five major lenders who last month settled for $25 million with federal
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