Interesting piece on NBR


Bank of America is trying a new tactic to help struggling home owners- providing the owners meet certain criteria, 60 days late with their mortgage, failed attempts at getting out of the hole, the bank will take over the title, and rent out the house to the current owners. Sounds like a win-win, but definitely a great idea for the bank to pick up these houses at for a low cost, and having tenants in place is half the battle.

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