Bank of America becomes first lender to use “piggyback” mortgages provisions of foreclosure prevention efforts
According to a story reported by ABC News, Bank of America became the first lender to sign-up for an element of the Obama administration’s $75 billion foreclosure-prevention program.
The Obama administration had been offering lenders who made so-called “piggyback” mortgages — second loans that allowed consumers to make a little or no down payment — incentives to lower payments or eliminate the loans entirely.
But no one signed up until Tuesday when Bank of America became the first to do so on January 26, 2010.
Read the ABC News story at http://abcnews.go.com/Business/wireStory?id=9668046.