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Feds looking to help upside-down borrowers

BofA backs Dodd plan to buy up loans at a discount

By Inman News, Monday, February 25, 2008.

Inman News

Bank of America officials have reportedly gotten behind a plan to create a Federal Homeownership Preservation Corp. that would buy billions in mortgages that might otherwise end up in foreclosure.

In a proposal to congressional lawmakers, BofA officials warn that up to $739 billion in mortgages are at risk of default in the next five years, and that the government intervention is needed, the New York Times reported.

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