Major Tool for the Residential Mortgage Foreclosure Mediation.

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   Bank of America recently announced that for some Adjustable Rate Mortgages ("ARMs") it will actually entertain reducing the principal.  The outlines of this new plan are reported by, e.g., E. Scott Reckard, "Bank of America to Reduce Mortgage Principal for Some Borrowers/The $3-Billion Program Involves Certain Adjustable-Rate Loans Issued by Countrywide Financial, the Loss-Plagued Lender that BofA Acquired in 2008" (Los Angeles Times Online, Thursday, March 25, 2010).

   This position by a major Lender provides a huge tool for the Residential Mortgage Foreclosure Mediation.

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