Bank Tests New Mortgage Program
(Calabasas, CA) — Bank of America is testing a new program that offers homeowners facing foreclosure a chance to stay put. The “Mortgage to Lease” program is being tried out in Nevada, Arizona and New York. About one-thousand customers who have been behind at least 60 days on their mortgages are being offered low rents on their homes for up to three years. If the program is successful, the banking giant plans to expand it.