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April 25, 2008
BoA Announces Home Lending Guidelines
BoA will discontinue non-traditional mortgages where monthly payments may not cover all interest (option ARMs); significantly curtail other non-traditional mortgages, such as certain low-documentation loans; and implement enhanced borrower protections soon after completion of the Countrywide purchase, including limits on prepayment penalties and protections on non-traditional loans such as interest-only and hybrid ARMs.
Posted by S. Germain at April 25, 2008 08:13 AM