Bank of America launches new approach to foreclosure epidemic
March 26, 2012  | MoneyRates.com Senior Financial Analyst, CFA
Bank of America has made some public relations missteps over the
past year, but in announcing last week a new program called
Mortgage to Lease, they may have made a graceful and timely
move.  The Mortgage to Lease plan represents an attempt to
provide a creative solution to the lingering problem of
foreclosures. It won't fix the housing market, but it could ease
the pain for the bank and homeowners alike.  Several potential
wins  Under the new program, delinquent homeowners would be
given the opportunity to surrender the title to their homes, but
rent those houses for as long as three years, at rates lower
than their mortgage payments had been. In the process, the bank
would forgive their mortgage debt.  The Bank of America
experiment is unusual in that it represents a potential win for
more than just the bank. In fact, a variety of parties could
benefit from the program:    1. Homeow