Finally…a financial institution to be proud of in recent weeks and despite dismal reports!  This bank has taken the high road toward Main Street!

Back in July, Bank of America bought Countrywide Mortgages and announced today that they have implemented a program to help keep these struggling homeowners in their homes.  Countrywide was a high risk player and one of the first to buckle under bad judgement and questionable business management. (that may be me editorializing!)

Bank of America starts a new program December 1, 2008 called the Home Retention Program which could potentially help some 400,000 customers modify their loans in a meaningful, stay in your home kind of way.  You can check it out at www.bankofamerica.com .  This kind of thinking is what the world has been waiting for…instead of bailing out greed, Bank of America is going straight to Main Street and facilitating real and immediate change.

This is a “Bail-Out” I can get behind!  This type of reconsideration has the potential of changing the housing market in a very real way by stopping foreclosures and keeping properties out of inventory.  Less inventory, certainly less fire sale inventory, will improve the housing conditions for all homeowners, especially those paying their mortgages

Thank you Bank of America for giving me something positive to say!  I appreciate you leading the charge and hopefully setting the standard that will make others look positively foolish if they do not follow suit.  Furthermore, thank you for caring about the people you serve.  I hope this proves to be the smartest, most profitable, compassionate decision you have ever made.

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