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"The median monthly payment reduction for borrowers enrolled in
the (HAMP) program is $522" - DSnews.com

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Band of America Settles for 8.5 Billion!


Bank of America is in negotiations with their investors to possible settle for 8.5 billion dollars.  The reason Bank of America is settling is because investors bought mortgage backed securities that "soured when the housing bubble burst". The loans were originally owned by Countrywide Financial and Bank of America bought Countrywide in 2008.  The settlement needs to be approved by the board members of Bank of America and it is stated that a decision should be reached shortly.