Bank of America recently rolled out a “Mortgage-to-Lease” program to help financially struggling homeowners. Instead of foreclosing on delinquent mortgagees, BOA will now allow them to transfer ownership to the bank, have all mortgage debt forgiven, and rent their home for up to three years at the market rate. Mortgage-to-Lease is currently being trialed to 1,000 borrowers in three cities. Leasing — as opposed to foreclosure — can benefit the housing market as well as our economy.
Can One Bank’s Leasing Program Boost the Economy?
Bank of America recently rolled out a “Mortgage-to-Lease” program to help financially struggling homeowners. Instead of foreclosing on delinquent mortgagees, BOA will now allow them to transfer ownership to the bank, have all mortgage debt forgiven, and rent their home for up to three years at the market rate. Mortgage-to-Lease is currently being trialed to […]
April 05, 2012
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HBR Learning
Finance Essentials Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Finance Essentials. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
Strengthen your fluency in financial statements.